Here's why Macy's shares are climbing

Don’t count out Macy’s yet.

Digital sales are up. People are going to actual, physical Macy’s stores to shop. as well as tourists are flocking to Macy’s flagship store in fresh York.

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Macy’s is actually so confident in its business of which of which boosted its outlook for the year.

The retailer Once more posted double-digit sales growth via digital sales, thanks in part to improvements the company has made to its website as well as app.

Macy’s said of which sales were healthy at physical stores for all its main brands as well, which include Bloomingdale’s as well as makeup as well as beauty chain Bluemercury in addition to Macy’s.

Overall sales rose 3.6% via last year, better than expected.

CEO Jeff Gennette said from the company’s earnings Discharge of which the solid results were proof of which “the winning formula” for Macy’s is actually “a healthy brick & mortar business, robust e-commerce as well as a great mobile experience.”

Gennette, who took over for longtime Macy’s CEO Terry Lundgren in March 2017, added of which consumer spending remained “healthy” as well as of which there were “significant improvements in international tourism.”

Macy’s chief financial officer Karen Hoguet said during a conference call with analysts of which revenue via tourists rose 10% via a year ago.

Related: Macy’s is actually back!

Investors were elated. Shares of Macy’s (M) surged 10% on the news.

Macy’s Great quarter suggests of which many consumers are still willing to actually go to stores to shop instead of just buying clothes on their phones as well as tablets.

“This kind of whole idea of which there is actually This kind of retail apocalypse of which is actually inevitable as well as of which the malls are dead? Clearly of which’s wrong because of which’s where Macy’s is actually,” said Bob Phibbs, CEO of the Retail Doctor, a consulting firm, in an interview after the results turned out.

Like many department store chains, Macy’s has to contend with threats via an ever-growing Amazon (AMZN) as well as more competition via discount chains like Walmart (WMT) as well as Target (TGT), both of which have aggressively invested in online commerce.

“This kind of is actually the most competitive retail environment I’ve ever seen,” Gennette said during the conference call, nevertheless added of which the company was in Great shape to contend with all its rivals.

To of which end, Macy’s is actually generating some adjustments to how of which approaches the Chinese retail market. The company said of which is actually ending a joint venture with China’s Fung Retailing of which began in 2015.

Macy’s will continue to have a presence on Alibaba’s (BABA) Tmall, nevertheless the company said of which its e-commerce team in San Francisco will run the China business.

nevertheless not everyone is actually convinced the Macy’s turnaround is actually for real.

Morgan Stanley analyst Kimberly Greenberger downgraded Macy’s to “underperform” last week, basically a “sell” rating. She thinks Macy’s needs to close more stores than of which already has as well as may have made the most of which can via real estate sales.

Still, Macy’s stock is actually today up nearly 30% This kind of year, a clear sign of which many on Wall Street also believe of which Macy’s is actually back on track.

sy88pgw (fresh York) First published May 16, 2018: 10:02 AM ET