macys
Macy's, the well-known New York retailer with stores across the United States, said it had a second quarter annual profit even though sales were weak. Adjusted earnings also beat market estimates. For fiscal 2024, the company maintained earnings view, but trimmed forecast for total sales and comparable sales. In pre-market activity on the New York Stock Exchange (NYSE), Macy's shares were losing around 8.7% to trade at $16.20. Macy's said it updated its annual outlook to reflect a more discriminating consumer and heightened promotional environment relative to its prior expectations, and that i...
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New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale's and Bluemercury brands. In a new strategy aimed at breathing life into the 166-year-old retailer, the company said it would shut 150 "underproductive" Macy's locations. The plan, dubbed a "Bold New Chapter," said around 50 stores would be closed by the end of the current fiscal year, without mentioning how many employees would be impacted. The plan comes a week after Arkhouse Management unveiled ...
AFP
New York (AFP) - The iconic but struggling US department store Macy's announced plans on Tuesday to close around 150 locations by 2026, while concentrating investments in its more upscale Bloomingdale's and Bluemercury brands. The company, which had announced in January it would pare its workforce by 3.5 percent, said in a statement the new strategy aims to open a "Bold New Chapter" to return 166-year-old Macy's to enterprise growth. Approximately 50 of the 150 "underperforming locations" will be closed by the end of the fiscal year, the company said, without mentioning how many employees woul...
AFP
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Retail department store chain Macy’s Inc (NYSE:M) stock has been weathering the bear market in retail stocks after posting stellar fiscal Q1 2022 earnings and raising guidance. The department store giant’s Polaris strategy has been successful as Macy’s saw 88% of its omnichannel markets saw growth in the quarter with nearly 44.4 million active Macy’s shoppers. Consumer shopping trends shifted away from the pandemic active/casual and more towards occasion-based apparel due to the reopening trends and COVID vaccinations leading to more in-person engagements. This resulted in strong sales in wome...
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Activists Confront Corporate HRC Sponsors After HRC’s Efforts to Undermine Parental Rights Provoke National Outrage Northrop Grumman To Reexamine The PartnershipQ1 2022 hedge fund letters, conferences and more "HRC has led the most prominent opposition to Florida's Parental Rights in Education bill, and corporations are funding these efforts with shareholders' money," FEP Associate Ethan Peck said after the meetings, where he asked each of the three CEOs: "Do you believe it's acceptable for teachers to discuss sex with young children? If not, will you end your sponsorship of HRC?" Peck's quest...
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Retail department store chain Macy’s (NYSE:M) stock is still running on all cylinders posting double digit revenue growth and exceeding the pre-pandemic levels of 2019. The Company has gone through a two-year digital transformation implementing its Polaris strategy to much success as its emerges from the pandemic as a better run operation that added 7.5 million new shoppers in Q4 2021 alone. The Company reinstated its dividend and is also implementing a $2 billion buyback program upon completion of its current $500 million buyback program. Despite supply chain and inflationary pressures, the i...
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New York (AFP) - Macy's unveiled Thursday a plan to showcase Toys "R" Us merchandise, as the famed American department store became the latest retailer to report strong results on a comeback of in-store shopping. Starting next year, consumers will be able to shop for toys at more than 400 Macy's nationwide through a store-within-a-store format, Macy's said in a joint press release with WHP Global, which controls the Toys "R" Us brand. The toy brand known for its colorful Geoffrey the Giraffe mascot had fallen on hard times and struggled to survive as a stand-alone brick-and-mortar chain. Share...
AFP
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