"From a consumer demand standpoint, we still have a healthy consumer," said Macy’s Chief Financial Officer Adrian Mitchell, during a Wednesday presentation at the UBS Global Consumer & Retail Conference.

He noted that many American families benefited from rounds of government stimulus payments around this time last year, but that savings rates have remained elevated this year compared with pre-pandemic levels.

However, according to Mitchell, the consumer is also under increased pressure. “Inflation is elevated with the geopolitical instability that we’re seeing with Ukraine and Russia. We’re seeing oil prices escalate, which will only elevate the expenses around essential goods,” he said.

Oil prices spiked to start this week, with U.S. crude hitting a 13-year high of $130 per barrel, but have since eased in Wednesday morning trading. The consumer price index for January, which measures the costs of dozens of everyday consumer goods, also rose 7.5% from the prior year. That was the highest reading since 1982.

In late February, Macy’s offered a better-than-expected financial outlook in 2022, in spite of macroeconomic headwinds including inflation and supply chain challenges.

Macy’s shares are up about 57% over the past 12 months.

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