Strong dollar impacted Macy's, limiting number of international shoppers, says its CEO Terry Lundgren. After a challenging third quarter, Macy's hopes for big sales on Black Friday and Cyber Monday.
Is Black Friday and ringer in the ACC with its CEO Terry Lundgren Terry thanks so much for joining us today. Somehow did Thanksgiving Day sells them. It was terrific it was great to see the consumer come out and respond. In spite of the very warm weather in the northeast they were here in droves. We have record crowds last night at Macy's Herald Square about 151000 people outside the door before we opened at 6 PM. And I still at the front door for about 41 minutes this is measuring the time. And there is no. Never I slowdown in traffic coming through our doors it was great to see the consumer responded launched the holiday season the way they did last night. How have Black Friday sales gone thus far. So far so good I mean as they definitely it's a slow start as we saw third quarter being very challenging and we warm weather was in fact in the business and all those categories international tourism because the dollar is so strong his. That infecting as they came out last night those great to see that and then today. So that continues on this will be the largest volume day of the entire year from 6 PM last night to 6 PM tonight and we're on track again to do that. You mentioned the strong dollar and its impact on tourism and tourists and also the warm weather. What impact is that having on and apparel sales. And are you having to discount more this year than you did last year he had. Definitely there's too much inventory for all retailers who are selling coats. Boots comforter stars love all those categories. In the northeast and mid Atlantic because the weather frankly. Has been. Quite warm relative to last year we had to be pulled spurts last year and so a lot of that back itself so there's no question about W inventory there. And you know there's the good news is for the consumers that there's going to be a lot of great value for that inventory. Between now in the into the holiday. Consumer electronics continue to be a popular gift item for the holidays how is your partnership with best by going. We're very happy with our best buy relationship we just opened ten stores that out of the box it's been very very good. And it makes sense to us because is that this is a category that where customers have said that they wanted. And so now we're turning it over to the experts at best buy to execute that we did the same thing with with finish line. Can we get really have a strong athletic footwear business before we Brian finish line. And we're doing fantastically well with them in both the men's women's and now children's. Athletic footwear and we just announced a new relationship. With. LensCrafters. So this again and got category and we know consumers need. And that we were not in so we're looking for more and more these opportunities to create a greater interest in more demand siders. Let's head to Cyber Monday when your expectation. We'll Macy's it is the seventh largest Internet company in America. After Netflix and we do very very well with the whole online business but not just online but how customers shop. They research online becoming an historic and they might quiet later on line and we do very very well at that equation. So Cyber Monday is a very important day for us that will still be the largest volume day. For online shopping for us black Fridays become another important day for online we did great last night and today do great with for online shopping but I still believe Cyber Monday will be the biggest days we're looking forward to that for our online consumers. Thanks so much Terry Lundgren really appreciate you that was Terry Lundgren sealed Macy's. I'm sure TR Brantley this as Rory to earth.