US fashion retailer Macy’s, expects net sales for 2021 to grow between 25 and 28 per cent over 2020 to reach between $21.7 billion and $22.2 billion. The company’s e-commerce sales are expected to reach around $8 billion this year. In first quarter, Macy’s witnessed a sales rise of 56 per cent to $4.71 billion. The retailer’s e-commerce sales too rose 34 per cent from the same period in 2020. Macy’s sales surged 63.9 per cent on owned-plus-licensed basis over last year. However, comp sales fell by 10 per cent when compared to 2019.

The retailer’s net income in Q1 shot up by more than 100 per cent to $103 million partly due to pullback on expenses. Sales of women’s apparels increased 29 percentage points and men’s apparels by 13 points. Jeff Gennette, CEO, Macy’s, said the retailer gained from government’s direct relief to consumers and its rapid vaccine distribution across the country.