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Despite inflation, Macy's Bloomingdale's and Bluemercury seeing growth
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Even though Macy's took a hit, cutting its annual outlook for profit and sales as it tries to deal with excess unsold inventory, its higher-end stores are still seeing "robust" business.
Bluemercury and Bloomingdale's, both company-owned stores, saw sales at stores open for at least a year grow.
"We're seeing our most affluent customers continue to spend at very strong levels," CEO Jeff Gennette told analysts during Macy's earnings call Wednesday about its Bloomingdale's locations. "We have not seen trade-down at Bloomingdale's either and their business continues to be quite robust."
Same-store sales at Bloomingdale's – where medium household income is more typically $250,000 and above – has continued at a healthy pace, rising 8.8% during the quarter.