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☆ Macy's results beat estimates, maintains forecasts on weak consumer spending
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - Macy's (M.N) kept its annual forecasts unchanged even though its second-quarter sales and profit beat market expectations on Tuesday as the upscale department store chain expects consumer spending to stay under pressure. It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. "Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities," Insider Intelligence analyst Rachel Wolff said. Comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.

Persons: Macy, Brendan McDermid, Macy's, Gross, Rachel Wolff, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Target, Insider, Thomson Locations: New York , New York, U.S, Bengaluru

☆ Macy’s beats sales estimates, but stands by cautious full-year forecast as shoppers watch their dollars
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Sales at stores declined 8% and digital sales dropped 10% compared with the year-ago period. Comparable sales on an owned plus licensed basis dropped 7.3%, a little worse than the 6.5% decline that analysts expected, according to Refinitiv. The chain's comparable sales fell 8.2% on an owned plus licensed basis, but bright spots included fragrances, prestige cosmetics and men's tailored apparel. At upscale department store Bloomingdale's, comparable sales dropped 2.6% on an owned plus licensed basis as shoppers bought beauty items, women's contemporary and designer apparel and shoes. The smaller stores that have been open more than a year had sales growth in the second quarter, he said.

Persons: Jeff Gennette, Armour, Gennette Organizations: CNBC, Nike, Refinitiv

☆ As Macy's stock struggles, the retailer bets on private brands with more modern looks
▼ + stars: | 2023-07-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

NEW YORK — Macy's , the 165-year-old department store chain, is looking for ways to keep up with the newer kids on the block. On Wednesday, it showed off its newest private brand, On 34th, at its Macy's Herald Square flagship. The brand, named after the legacy store's Manhattan location, is made of up of women's clothing and accessories. The department store operator cut its full-year outlook last month, after seeing consumers pull back on purchases of clothing and other items. Some of Wall Street's worries are company-specific, as investors question whether the legacy department store can keep up with shoppers' changing tastes.

Persons: Tony Spring, Jeff Gennette, Nata Dvir, Gennette, Macy's Organizations: NEW, Target, Herald, Consumers Locations: Manhattan

☆ Macy’s slashes its full-year outlook even as earnings beat
▼ + stars: | 2023-06-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

The Macy's company signage is seen at the Herald Square store on March 02, 2023 in New York City. Macy's shares fell on Thursday, as the retailer slashed its full-year outlook and said it saw sales significantly weaken in late March. Macy's anticipates comparable owned-plus-licensed sales will fall 6% to 7.5% during the period, worse than its previous outlook of a 2% to 4% decline. Comparable sales on an owned-plus-licensed basis dropped 7.2% for the quarter, worse than the 4.7% drop expected by analysts surveyed by Refinitiv. Gennette said Macy's sales have gotten hit as customers' budgets are squeezed.

Persons: Jeff Gennette, Macy's, Gennette, we're Organizations: Herald, CNBC, Refinitiv, Macy's, Revenue, Sales, Nike Locations: New York City, Bloomingdale's

☆ Macy's CEO Jeff Gennette, who's led the company's turnaround effort, will retire next year
▼ + stars: | 2023-03-29 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Macy's CEO Jeff Gennette will retire early next year after a four-decade career at the company, the department store chain announced Wednesday morning. He will be succeeded by Tony Spring, CEO of the company's higher-end department store banner, Bloomingdale's. In addition to the CEO change, Macy's Chief Financial Officer Adrian Mitchell will take on an expanded role and also serve as the company's chief operating officer. In a news release, Macy's said Spring, 58, was tapped as its next leader after an internal and external search. Gennette called Spring and Mitchell "an ideal team to build on our momentum and propel Macy's, Inc. into the future."

☆ Macy's shares surge after holiday-quarter profit tops expectations
▼ + stars: | 2023-03-02 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Macy's shares surged Thursday, as the company said it drew holiday shoppers looking for gifts and held the line on promotions. Excluding a tax benefit in the quarter, adjusted earnings per share come out to $1.71. Excluding a tax benefit, it delivered adjusted earnings per share of $1.71, higher than the $1.57 that analysts expected, according to Refinitiv. As of Wednesday's close, Macy's shares are down about 1% so far this year. Read the full Macy's earnings release.

☆ Macy's says its holday sales will be on lower end
▼ + stars: | 2023-01-07 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Macy’s said Friday its net sales from the holiday quarter will likely be at the low-end to mid-point of its previously issued range of $8.16 billion to $8.4 billion. In last year’s fourth quarter results, Macy’s earned $8.67 billion, above analysts’ forecasts, and had an adjusted earnings per share of $2.45. Macy’s warning may provide an early clue to investors wondering if high inflation has hampered shopping demand during the holidays. US retail sales increased 7.6% during the period between November 1 to December 24 compared to the same time last year, according to the Mastercard Spending Pulse. US retail sales were lower than expected in November, falling 0.6% during the month, which was the weakest performance in nearly a year.

☆ Macy's warns holiday-quarter will come in light, citing squeeze on shoppers' wallets
▼ + stars: | 2023-01-06 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Macy's on Friday warned its holiday-quarter sales will come in on the lighter side, saying consumers' budgets are under pressure and that it anticipates that squeeze to continue into this year. It expects adjusted diluted earnings per share to be in the previously issued range of $1.47 to $1.67. For the year-ago period, Macy's reported revenue of $8.67 billion and adjusted earnings per share of $2.45. As it orders inventory, Gennette said it is using customer data to pick the merchandise that will sell and caters to customers who are looking for fashionable items and also seeking value. Gennette, Macy's Chief Financial Officer Adrian Mitchell and Chief Merchandising Officer Nata Dvir, will participate in the investor conference next week.

☆ Cooling job market doesn't take the heat off the holiday hiring spree
▼ + stars: | 2022-11-25 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +7 min

Retailers are entering the holiday season amid a swirl of mixed economic signals. That leaves companies expecting another busy shopping season as they continue to grapple with a competitive job market. Before the holiday hiring rush, retailers were already looking to fill 800,000 open positions, according to the retail federation. There are some signs though that the labor market is starting to shift in employers' favor. "This speed is imperative during holiday hiring," John Patterson, Macy’s vice president of talent, said in an email.

☆ Macy's raises earnings forecast after seeing strong luxury sales, bringing in fresh holiday inventory
▼ + stars: | 2022-11-17 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Macy's on Thursday raised its earnings forecast for the year after its third-quarter results topped Wall Street expectations. The company stood by its revenue guidance for the year as it faces a tougher sale backdrop this holiday season. But Macy's said the figure was up when compared to the the third quarter of 2019, before the pandemic. It raised its annual adjusted earnings per share forecast to $4.07 to $4.27 per share, up from its previous range of $4 to $4.20. Target slashed its forecast for the holiday quarter, saying weaker sales have continued into November.

☆ Shoppers are pulling back at Macy’s and Kohl’s
▼ + stars: | 2022-11-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

That’s squeezing Macy’s, Kohl’s, Target and other chains. Macy’s (M) sales dropped 3.1% last quarter from a year ago, while Kohl’s (KSS) tanked 6.9%. “Consumers are showing increasing signs of stress and pulling back from discretionary purchases,” Target CEO Brian Cornell said on an earnings call. Although Macy’s own store sales fell 4.4% last quarter, Bloomingdale’s sales grew 5.3% and Bluemercury’s increased 14%. Macy’s stock gained 12% Thursday as the results exceeded analysts’ forecasts.

☆ Macy's to hire more than 41,000 workers for holiday shopping season
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterShoppers are seen outside Macy's in the Manhattan borough of New York City, New York, U.S., March 30, 2021. Sept 26 (Reuters) - Macy's Inc (M.N) said on Monday it plans to hire more than 41,000 full-time and part-time workers ahead of the upcoming holiday shopping season. Last year, Macy's had planned to hire 76,000 full- and part-time workers for the holiday season, with about 48,000 of the roles specifically for the holiday season and the rest of the roles were permanent positions beyond the holidays. Earlier this month, Macy's Chief Financial Officer Adrian Mitchell said the company expects holiday shopping to start early this year. Last week, Target Corp (TGT.N) said it plans to hire up to 100,000 seasonal workers for the holiday season, while rival Walmart Inc (WMT.N) announced plans to add 40,000 workers in seasonal and full-time roles.

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