Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in the Associated Press Article "Macy's Posts 16 Percent Hike in 2Q Net Income"
By Ann D'Innocenzio, AP Retail Writer
Macy’s reported a nearly 16 percent increase in net income for its second quarter, helped by cost-cutting and its strategy to tailor its merchandise to local markets.
The department chain, which operates stores under its namesake and upscale Bloomingdale’s names, also raised its annual earnings guidance. Its shares rose almost 3 percent in afternoon trading.
Macy’s Inc., which has been a standout among its peers throughout the economic recovery, is the first in a series of major retailers that will report second-quarter results that will provide insight into how Americans are spending. The results from Macy’s may reassure economists concerned that shoppers may pull back just as the crucial back-to-school selling season begins.
Macy’s has a very good reputation for what they do,” said Ron Friedman, head of the retail and consumer products group at Marcum LLP, an accounting firm. “They have got their customers coming into the store because of special merchandise and sales.”Click here to read full article >>