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☆ Macy's proxy fight is over, but the battle for the department store's future wages on
▼ + stars: | 2024-04-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. Turning the tideOther department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed. Arkhouse, for its part, has said it plans to keep Macy's stores open.

Persons: Bing Guan, Tony Spring, Arkhouse, Neil Saunders, Macy's, Michelle Gass, Levi Strauss, Chip Bergh, Ben Hider, —, GlobalData's Saunders, It'll, Gavriel Kahane, Kahane, it's Organizations: Macy's Inc, National Retail Federation, Bloomberg, Getty, Arkhouse Management, Capital Management, American, Brigade, Levi, Herald, Sears, CNBC, Macy's, Fortress Investment Group, One Investment Management Locations: Herald, New York, Macy's, New York City

☆ Arkhouse bid for Macy's nears diligence, but activist to continue proxy fight
▼ + stars: | 2024-03-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A bid from Arkhouse Management and Brigade Capital to take retailer Macy's private has moved closer to due diligence after weeks of delay, but the activist group plans to continue its proxy fight while negotiations progress. Macy's sent the activist a draft confidentiality agreement earlier this week, after months of meetings and engagements between the two sides, Arkhouse said in a proxy filing Thursday. The proxy filing and exhibits show that as the deadline to launch a proxy fight neared, Arkhouse asked Macy's in February to extend its nominating window to "avoid any heightened tension that may accompany" launching a rival slate. The two sides have been negotiating the terms of the agreement this week, the proxy filing shows. In light of the proxy fight and media reports, Gennette said Macy's board was "puzzled by your request for confidential treatment."

Persons: Macy's, Arkhouse, Jeff Gennette, Gennette Organizations: Arkhouse Management, Brigade Capital, Brigade, Fortress Investment Group, One Investment Management, Macy's Inc Locations: New York City, Arkhouse

☆ Arkhouse, Brigade raise Macy's buyout bid to $6.6 billion
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: +1 min

Cars sit parked in front of a Macy's store at Bay Fair Mall on February 27, 2024 in San Leandro, California. Arkhouse Management, a real-estate-focused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy's after the department store chain rebuffed their prior proposal as too low. "The Macy's Inc Board will carefully review and evaluate the latest proposal," Macy's said in a separate statement. Like other legacy department store operators, Macy's has struggled to compete against younger, online competitors or peers with smaller brick-and-mortar footprints. This has given Arkhouse and Brigade an opening to put pressure on Macy's to explore a sale.

Persons: Arkhouse, Macy's Organizations: Arkhouse Management, Brigade Capital Management, Macy's Locations: San Leandro , California

Macy's is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn't provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don't already own. Last week Macy's Inc. said that it was laying off about 3.5% of its total headcount, or approximately 2,350 employees. “We continue to be open to opportunities that are in the best interests of the company and all of our shareholders.” Tony Spring takes over as president and CEO of Macy's next month. Political Cartoons View All 253 ImagesShares rose more than 2% to $18.09 before the market open on Monday.

Persons: Macy's, ” Jeff Gennette, “, Tony Spring Organizations: Arkhouse Management, Brigade Capital Management, Brigade, Macy’s Inc Locations: Arkhouse, Macy's

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Wayfair announced its latest job cuts Friday. Political Cartoons View All 253 ImagesFriday’s job cuts are expected to bring annualized cost savings of more than $280 million, Wayfair said. The Wall Street Journal first reported on Macy's layoffs and planned store closures Thursday, citing an internal memo and people familiar with the situation. Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

Persons: Niraj Shah, ”, Wayfair, Macy's Organizations: —, Wayfair, Associated Press, New, Macy's Inc, Street Journal, Google, Hasbro, LinkedIn Locations: New York, Arlington , Virginia, Ballston, Leandro , California, Lihue, Hawaii, Simi Valley , California, Simi Valley, Tallahassee , Florida

Macy's third-quarter sales declined with consumers cautious about spending, but sales and profit both topped Wall Street expectations. The department store also raised the top end of its full-year revenue and adjusted profit forecasts. Overall sales fell 7% to $4.86 billion, with sales at traditional stores and online sales both down 7%. “We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position,” Chairman and CEO Jeff Gennette said in a prepared statement. Also on Thursday, Walmart posted better-than-expected third-quarter results as its low prices attract shoppers looking for deals in a tough economic environment.

Persons: Jeff Gennette Organizations: Zacks Investment Research, Walmart, Target, Inc

☆ Macy's smashes profit estimates as leaner inventory lifts margins, shares jump
▼ + stars: | 2023-11-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Shoppers are seen outside Macy's in the Manhattan borough of New York City, New York, U.S., March 30, 2021. REUTERS/Caitlin Ochs Acquire Licensing RightsNov 16 (Reuters) - Macy's (M.N) crushed analysts' estimates for quarterly profit on lower inventories and strong demand for beauty products, sending the department store operator's shares surging as much as 14% on Thursday. "(We are) entering the holiday period in a healthy inventory position," Macy's outgoing CEO Jeff Gennette said in a statement. Gross margins improved 160 basis points in the third quarter, driven by a 110 basis points jump in merchandise margins, bolstered by lower markdowns within the Macy's brand and reduced freight costs. Credit card revenues again declined, down 100 basis points year-on-year, indicating its core middle-income consumer faced difficulty in repaying debts as interest rates climbed.

Persons: Caitlin Ochs, Jeff Gennette, Tony Spring, Rachel Wolff, Macy's, Savyata Mishra, Sriraj Organizations: REUTERS, Bloomingdale, Target, Walmart, Insider, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

☆ Macy's-owned Bloomingdale's taps international exec Olivier Bron as its next CEO
▼ + stars: | 2023-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Shoppers walk past a Bloomingdale's store in the SoHo neighborhood of New York, US, on Wednesday, Dec. 28, 2022. With the move, the legacy retailer is adding an outside perspective and a dash of global flair to the higher-end department store. Bron, 46, is a French national who was most recently CEO of Central and Robinson department stores in Thailand. A 36-year veteran of Bloomingdale's, Spring became CEO-elect of the parent company Macy's in March. Macy's said Tuesday that it has tapped international retail executive Olivier Bron as the next CEO of its upscale department store, Bloomingdale's.

Persons: Bron, Tony Spring, Spring, Jeff Gennette, Macy's, Olivier Bron, Michael Gould, Beverly, Bloomingdale's, Nordstrom Organizations: Bain & Company, Central, Robinson, Bloomingdale's, Macy's, Beverly Hills Locations: SoHo, New York, Lafayette, Paris, Bron, French, Thailand, Dubai, Kuwait, Manhattan, New York City, Seattle, Macy's

The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."

Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru

☆ Macy's cuts annual forecasts as customers curb spending, shares fall
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] People wait in line at Macy's before Black Friday sales in the Manhattan borough of New York City, New York, U.S., November 26, 2021. The company said it would need to discount further in the second quarter to clear out spring and early summer stocks as consumer spending weakens. This was in contrast to Macy's expectations last quarter to rein in promotions. Macy's expects 2023 sales between $22.8 billion and $23.2 billion, compared with its prior forecast of $23.7 billion to $24.2 billion. It sees adjusted full-year profit per share between $2.70 and $3.20, compared with $3.67 to $4.11 per share it had forecast previously.

Persons: Ananya Mariam Rajesh, Shinjini Organizations: Black, REUTERS, Macy's, Kohl's, Major U.S, Target, Nordstrom Inc, Thomson Locations: Macy's, Manhattan, New York City , New York, U.S, Bengaluru

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

☆ Macy's CEO Gennette to retire next year, insider Spring to succeed
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

March 29 (Reuters) - Macy's Inc (M.N) on Wednesday said its Chief Executive Officer Jeff Gennette will retire in February, after serving the U.S. department store chain for 40 years and will be succeeded by insider Tony Spring. Spring, who is the chairman and CEO of Macy's unit Bloomingdale's, has been with the company for 36 years. He was named as a successor to Gennette after an internal and external search, Macy's said. Macy's said as part of the leadership transition, Chief Financial Officer Adrian Mitchell's responsibilities have been expanded to include the role of chief operating officer. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's CEO Gennette to retire in Feb next year, insider Spring to succeed
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Macy's Inc (M.N) on Wednesday said its Chief Executive Officer Jeff Gennette will retire in February 2024, after serving the company for 40 years. The company said Bloomingdale's chairman and CEO Tony Spring has been appointed by the board to succeed Gennette. Shares of the department store chain fell about 2% in premarket trading. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks gain as Bostic backs quarter-point hike
▼ + stars: | 2023-03-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The 10-year yield was last up 6.7 basis points to 4.064%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.4 basis points at 4.885% after earlier touching a fresh 15-year high at 4.944%. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 2, 2023. Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers. The S&P 500 posted 10 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 80 new highs and 153 new lows.

☆ Stocks gain as yields cool from earlier highs
▼ + stars: | 2023-03-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 2, 2023. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 1.5 basis points at 4.904% after touching a fresh 15-year high at 4.91% earlier in the day. The S&P 500 was trading just above its 200-day moving average, seen as a key support level by traders, after briefly falling below it for the first time since Jan. 25 earlier in the session. Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored decliners. The S&P 500 posted 8 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 64 new highs and 139 new lows.

The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.93%. The S&P 500 and Nasdaq fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. The S&P 500 (.SPX) fell 22.28 points, or 0.56%, to 3,929.11, but was trading near its 200-day moving average, seen as a key support level by traders. The S&P index recorded two new 52-week highs and 12 new lows, while the Nasdaq recorded 26 new highs and 71 new lows. Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Futures extended losses after data showed the number of Americans filing new unemployment claims fell again last week, pointing to sustained labor-market strength. Another set of data showed non-farm unit labor costs were revised to 3.2% in the fourth quarter, against economists' estimate of a 1.6% rise. The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.94%. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. ET, Dow e-minis were up 56 points, or 0.17%, S&P 500 e-minis were down 21.75 points, or 0.55%, and Nasdaq 100 e-minis were down 107 points, or 0.89%.

☆ Macy's forecasts upbeat annual profit, shares surge
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Macy's Inc (M.N) forecast full-year profit largely above Wall Street estimates on Thursday, as the department store operator looks to cut back on promotions to protect its margins. The company said it expects adjusted full-year profit per share between $3.67 and $4.11, while analysts on an average had estimated $3.84, according to IBES data from Refinitiv. Macy's sees 2023 sales between $23.7 billion and $24.2 billion, compared to estimates of $24.29 billion. Consumers at the higher end of the income rung have shrugged off a hit to savings from stubbornly high inflation, helping boost sales at department stores like Macy's that mostly offer luxury and discretionary items. However, peer Kohl's Corp (KSS.N), which caters more to inflation-hit lower-income customers posted a surprise quarterly loss and forecast full-year profit well below estimates as deep discounts to boost demand shredded the retailer's margins.

☆ Kohl's swings to surprise loss as margins crumble on steep discounts
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Kohl's Corp (KSS.N) reported a surprise quarterly loss and forecast full-year profit well below analysts' estimates on Wednesday, as steep discounts to boost sluggish demand for apparel shredded the retailer's margins. Those discounts were the major contributor to a more than 10 percentage point decline in fourth-quarter gross margins to 23%, Kohl's said. Kohl's reported a loss of $2.49 per share for the fourth quarter ended Jan. 28, compared with estimates for a profit of 98 cents. Comparable sales at Kohl's fell 6.6% in the fourth quarter, compared with analysts' estimate of a 3.7% decrease. Separately, apparel maker Abercrombie & Fitch (ANF.N) also missed holiday quarter earnings estimates on Wednesday, hit by higher costs of cotton.

☆ Nordstrom cuts annual profit outlook on heavy discounts, weak holiday sales
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Nordstrom Inc (JWN.N) on Thursday slashed its forecast for annual profit following weak sales during the all-important holiday period, as the department store chain took a blow from heavy discounts and promotions to clear out excess inventories. Nordstrom said it offered more markdowns than planned, while holiday sales came in weaker than pre-pandemic levels. Nordstrom said it now expects adjusted earnings per share of $1.50 to $1.70 for fiscal 2022, compared with its prior outlook of $2.30 to $2.60. Net sales declined 3.5% for the nine-week holiday period ended Dec. 31. Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500 near flat as investors weigh chances of less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Dow ended lower, and the Nasdaq Composite (.IXIC) ended well off the day's highs. A consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 112.96 points, or 0.34%, to 33,517.65, the S&P 500 (.SPX) lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite (.IXIC) added 66.36 points, or 0.63%, to 10,635.65. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 129 new highs and 32 new lows.

☆ S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes
▼ + stars: | 2023-01-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

SummarySummary Companies Tech shares lead S&P 500 sector gainsAlibaba climbs as Ant Group's Jack Ma to give up controlMacy's, Lululemon drop on holiday-quarter warningsIndexes: Dow down 0.03%, S&P 500 up 0.5%, Nasdaq up 1.3%NEW YORK, Jan 9 (Reuters) - The Nasdaq Composite (.IXIC) and S&P 500 (.SPX) indexes rose Monday afternoon, led by technology shares, on growing expectations that the Federal Reserve will become less aggressive with its interest rate hikes. Technology (.SPLRCT) led the gains among S&P 500 sectors as U.S. Treasury yields declined, while the Nasdaq led the rise among the major indexes. Also, S&P 500 companies are about to kick off the fourth-quarter earnings period, with results from top U.S. banks expected later this week. The Dow Jones Industrial Average (.DJI) fell 9.63 points, or 0.03%, to 33,620.98, the S&P 500 (.SPX) gained 17.57 points, or 0.45%, to 3,912.65 and the Nasdaq Composite (.IXIC) added 138.83 points, or 1.31%, to 10,708.12. The S&P 500 posted 13 new 52-week highs and two new lows; the Nasdaq Composite recorded 114 new highs and 23 new lows.

☆ Abercrombie, American Eagle signal upbeat holiday-quarter sales
▼ + stars: | 2023-01-09 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Abercrombie & Fitch Co (ANF.N) and American Eagle Outfitters Inc (AEO.N) issued upbeat holiday-quarter sales forecasts on Monday as consumers snapped up their winter wear during the peak shopping season. Shares of Abercrombie, which owns the Hollister label, jumped more than 9%, while American Eagle climbed about 3%. It projected fourth-quarter operating margin between 6% and 8%, up from a range of 5% to 7% estimated previously. American Eagle also said its fourth-quarter revenue and profit margins were tracking at the high end of its forecasts, benefiting from its decision to right-size inventory and a better-than-expected performance at its American Eagle label. Last week, department store chain Macy's Inc (M.N) projected holiday-quarter sales toward the lower end of its previous forecast.

Megacap growth stocks Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O) gained over 2% each as U.S. Treasury yields declined. The highly awaited U.S. Labor Department's inflation report on Thursday is expected to show some moderation in year-on-year consumer prices in December. Advancing issues outnumbered decliners for a 4.45-to-1 ratio on the NYSE and a 2.54-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and two new lows, while the Nasdaq recorded 107 new highs and 18 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Lululemon Athletica sees margin squeeze in holiday quarter; shares slump
▼ + stars: | 2023-01-09 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Lululemon Athletica Inc (LULU.O) forecast a decline in holiday-quarter gross margins on Monday as the apparel maker discounts more and grapples with higher costs, sending its shares down more than 9%. Lululemon said it expects gross margin to decline 90-110 basis points in the fourth quarter, compared with its previous expectation of an increase of 10-20 basis points. The company, however, raised its fourth-quarter net revenue forecast to between $2.66 billion and $2.70 billion, from its previous range of $2.61 billion to $2.66 billion. It also tightened its outlook for fourth-quarter earnings per share to between $4.22 and $4.27, compared with its prior forecast of $4.20 to $4.30. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber, Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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