Department store Macy’s (New York) reported its first quarterly profit in one year for fourth quarter 2020, according to CNBC. The retailer has been focusing on reducing inventories rather than deep discounting.
This year is expected to be one of recovery and rebuilding, with momentum building during the last half of 2021. Macy’s reported revenue of $6.78 billion was greater than the forecasted $6.5 billion.
Sales of home goods, beauty care, jewelry and watches were strong during the fourth quarter.