Kelsey Barberio brings you the biggest news of the day, including why Macy’s isn’t optimistic in 2025.
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00:00Add Macy's to the growing list of retailers with a not-so-optimistic outlook in 2025.
00:05The struggling retailer says it expects sales to decline again this year.
00:09Macy's predicts roughly $21 billion in sales for its current fiscal year, about a billion
00:14dollars less than last year.
00:16CEO Tony Spring claims the economic uncertainty in the U.S. is affecting all shoppers, saying
00:22on Macy's most recent earnings call,
00:24I think the affluent customer that's shopping Macy's is just as uncertain and as confused
00:29and concerned by what's transpiring.
00:31The latest Personal Consumption Expenditures Index saw prices jump 2.5% from a year ago.
00:36The worrisome reading, however, was real consumer spending, which dropped a larger-than-expected
00:410.5%.
00:42That's the biggest decline in almost four years.
00:45That number suggests the economy could be in the midst of a consumer-driven slowdown.
00:49Despite company-owned brands Bloomingdale's and Blue Mercury posting small gains, sales
00:53at Macy's dropped 5%.
00:55Then in January, the company announced it would be closing 66 stores, with another 84
01:00slated to close by the end of 2026.
01:02That'll do it for your daily briefing.
01:04From New York City, I'm Kelsea Barbera with The Street.