Macy's Says Wealthier Shoppers Are Spending. It's Unclear That Will Last.

Core Insights - Macy's affluent customers are showing resilience and engagement as the holiday shopping season begins, according to CEO Tony Spring [1] - The company's growth is primarily attributed to its luxury department store, Bloomingdale's, although there are concerns that "aspirational" customers may not continue their spending habits [1] - Macy's reported a 3% year-over-year increase in comparable store sales, marking its largest gain in three years [1] Financial Performance - Macy's quarterly revenue slightly decreased year-over-year to $4.7 billion, surpassing analysts' consensus estimate of $4.6 billion [1] - Adjusted earnings reached $26 million, more than double the $11 million reported a year earlier and significantly above the expected loss of $37 million [1] - Comparable store sales at Bloomingdale's increased by 9% year-over-year, indicating strong performance in the luxury segment [1] Market Outlook - Macy's has raised its full fiscal year outlook following third-quarter results that exceeded expectations, although it anticipates consumers will be "more choiceful" in the fourth quarter [1] - The company is focusing on attracting the "luxury customer of the future" by expanding its range of luxury brands [1] - The affluent consumer segment is currently driving economic activity, but there are indications that spending may not be sustainable in the long term [1]