Bloombergreports that Macy's is expecting stores open at least a year to climb 3% or higher. That is an increase from Macy's earlier estimate of 2%. Despite the good news Macy's remains cautious. Thomas Weisel analyst Liz Dunn says Macy's management remains concerned about unemployment levels and uncertainty in the stock market.
"Management seems to be in this camp that unemployment levels remain relatively high and there certainly seems to be uncertainty in the financial markets," said Liz Dunn, a New York-based analyst with Thomas Weisel Partners LLC, who rates the stock 'overweight.' "They do, though, seem to be expressing that they feel good about their business and that their strategies have resulted in them turning the corner."
Reuters reports that Macy's Chief Executive Terry Lundgren says Macy's Bloomingdale's chain is also having a good quarter.
Bloomberg 
