Berkshire Hathaway Increases Stake in Macy's to 7.4 Million Shares

Berkshire Hathaway increased its investment in Macy's to 7.4 million shares, a position valued at approximately $162 million. The conglomerate first acquired 3 million shares during the first quarter of the year before expanding its holding.

The investment follows a period of growth for Macy's, which reported same-store sales growth of 2.7% last quarter. This marked the fifth consecutive quarter of year-over-year improvement for the retailer, prompting the company to raise its full-year revenue and earnings guidance.

Market observers suggest the move may be a turnaround play based on stabilizing department store sales and recent performance. Other investors view the acquisition as a strategic bet on the real estate portfolio held by the retail chain.