• Macy's (M) shares experienced a 10% surge on Thursday due to shoppers searching for gifts and promotions for the holidays. Despite this recent success, Macy's anticipates a 1-3% drop in net sales for the forthcoming year.
• Macy's expects to drive further growth in 2023, focusing on expanding its luxury business and online marketplace. This strategy will be supported by the strong performance of Bloomingdale's and Bluemercury, whose sales rose 0.6% and 7.2% respectively, as shoppers sought clothing and skin-care products. Although sales of occasion-based items saw an increase, activewear, casual clothing, and home goods such as blankets, pillows, and towels experienced a decrease.