Macy's was the first big retailer to report (most have an August-October quarter), and its results this morning were certainly encouraging. Both earnings and revenues were above expectations, while comparable store sales were up 3.5 percent.
That was quite a bit above expectations. Earnings were up 30 percent year over year--a contrast from the average retailer, which is expected to increase earnings by only four percent in this quarter, according to RetailMetrics.
My reaction is: Huh? Back to school was not great, there were lots of promotions, and everyone believed the shutdown must have had some negative impact. So what gives?