Goldman Sachs Comments Macy's Management Meeting

According to Goldman Sachs, Macy's

held a management meeting. Goldman Sachs said that its meeting with senior Macy's management focused on inflation as it met with their private brand, merchandising and sourcing teams. “Macy's continues to capitalize on its one Macy's buying and merchandising effort as well as its My Macy's localization effort which in concert is driving strong sales momentum as evidenced by May's outperformance. While consumer elasticity of demand in the face of mounting inflation remains unclear, strong sales and sourcing plan keeps Macy's confident in its ability to deliver flat gross margins in 2011.” Macy's closed yesterday at $28.02.