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Key Takeaways
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Macy's wants to offer a respite to Americans looking to escape "political noise," Chief Executive Officer Tony Spring said Thursday.
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People may be primed for retail therapy after feeling economic pressure for months, the Macy's CEO said.
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Macy's, which also owns Bloomingdale's and Bluemercury, needs to lean into consumers' desire for a respite, according to Spring.
Macy’s (M) wants to offer an escape from the "political noise" confronting Americans in the form of retail therapy.
Amid unease about how trade policies will shape the economy, Macy’s wants to welcome American shoppers eager for a respite, Chief Executive Officer Tony Spring said on an earnings conference call Thursday.
“We are in that retail therapy business, a place of escapism, an opportunity to get away from all of the political noise that happens every day,” Spring said, according to a transcript made available by AlphaSense. “And we have to lean into that.”
Spring's comments come as fast-evolving White House trade policy has contributed to broad consumer and corporate uncertainty about the direction of the US economy, leading to fears regarding the job market and volatility in financial markets.
Americans have felt weighed down since late last year and potentially have built up an urge to splurge, Spring said. He hopes they’ll find an outlet at Macy’s, which also owns retailers Bloomingdale’s and Bluemercury.
“There is so much energy that we are putting into the business because we know people are feeling a sense of concern and fatigue,” Spring said.
Macy’s reported a roughly 4% year-over-year decline in net sales for the quarter ended Feb. 1. But the company, which is in the middle of a three-year turnaround campaign, had $342 million in net income—a swing from the $180 million net loss reported at this time last year.
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