That must have been some store-closing sale.
Macy's nationwide same-store sales in January soared 12 percent, surprising analysts and sending Macy's stock higher on Thursday, Feb. 7.
Macy's led the pack of U.S. retailers, which reported the biggest monthly gain in more than a year. Minneapolis-based Target had a strong month as well, crediting January clearance for a 3.1 percent gain in same-store sales.
On Jan. 3, Macy's announced it was closing its downtown St. Paul store, along with five others, then quickly launching store-closing sales with discounts galore and "nothing held back." Macy's has more than 700 stores in all, so big numbers at six soon-to-close stores wouldn't alone account for the results, but they didn't hurt.
Macy's also said it was planning to freeze its pension and executive retirement plans to better manage rising costs. That move will affect some in the Twin Cities, as Macy's is heir to the department-store parts of the old Dayton's department store company.
Meanwhile, Target's results were also stronger than the 1.7 percent same-store sales increase that analysts expected. The discount chain had lackluster December sales.
This is the last time Target will report its sales on a monthly basis, as well as Kohl's and Macy's. From now on, those retailers will disclose sales results quarterly.
Distributed by MCT Information Services
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