A 2 1/2-year legal brawl between three of the nation’s best-known brands ended with a whimper when a judge said J.C. Penney Co. interfered with Macy’s Inc.’s deal to sell goods from Martha Stewart Living Omnimedia Inc. yet shouldn’t be punished for its behavior.
Macy’s Inc., the second-largest U.S. department-store company, maintained its annual profit forecast and increased its share buyback program after cost cuts helped it cope with a first quarter marked by weak shopper traffic.
Terry Lundgren, chief executive officer of Macy’s Inc., said he was so upset when Martha Stewart called to tell him about her company’s deal to sell products at J.C. Penney Co. stores that he hung up on her and hasn’t spoken with her since.
Macy’s Inc. is rewarding bondholders with the retail industry’s biggest returns as the most- profitable U.S. department store boosts sales in the face of what may be the weakest holiday shopping season since 2009.
Macy’s Inc. is touting Elvis Christmas tree ornaments in Tennessee and Blackhawks decorations in Illinois ahead of the holidays, tailoring goods for local markets to squeeze more out of its biggest shopping season.