A late chill from winter helped to rekindle sales at Macy’s during its last quarter.
The company announced that there had been a surge in demand for boots and jackets last month, when a large part of the U.S. finally cooled down following a warm start to the winter season.
The increase helped Macy’s to offset a bleak period during the holidays. Though sales at same-stores declined by 4.8% during its fourth quarter, which ended on January 30, it was better than a drop of 5.2% analysts were predicting.
The retailer’s outlook renewed some optimism that Macy’s could pull out of its slump, which has weighed down the stock value 47% in 2015.
To cope with the sluggish traffic in department stores, the company has closed underperforming store locations and cleared its excess inventory.
Macy’s is seeking new joint ventures that could squeeze out additional cash from its flagship properties like its store in Manhattan.
Macy’s said there had been a high amount of interest initially in possible partners.
The retailer remains under heavy pressure from Starboard Value an activist investor, which has called on Macy’s to take additional dramatic steps in order to capitalize on its holdings in real estate.
A strong dollar also has taken its tolls on overall spending by tourists from other countries.
Macy’s along with its Bloomingdale chain were stocked well in winter coats, sweaters and other winter clothing, which helped the business take advantage of the colder weather, said Terry Lundgren the CEO in a prepared statement.
Lundgren said he was looking to programs of cost savings to cut up to $400 million in expenses annually.