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Macy’s, the country’s largest department store operator, told employees Thursday that it was laying off 13 percent of its corporate work force. The move comes as the company prepares to unveil a new strategy that its incoming chief executive will oversee. The cuts amount to roughly 2,350 jobs, or about 3.5 percent of the company’s overall work force, which includes employees at the subsidiaries Bloomingdale’s and Bluemercury. The company also said it would close five of its more than 560 Macy’s stores. Tony Spring will take over as Macy’s chief executive next month from Jeff Gennette, a company veteran who is retiring after holding the post since 2017.
Persons: Tony Spring, Jeff Gennette, Adrian Mitchell Organizations: The New York Times, Wall Street, Mr
Macy's on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales. The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The majority of those — roughly 500 —are its namesake stores, followed by 158 Bluemercury stores and 56 Bloomingdale's stores. The department store chain's footprint has gotten smaller in recent years, however. He said since that 2020 announcement, Macy's had closed about 80 namesake locations and had plans to soon close another five.
Persons: Chris Grams, Grams, Macy's, Tony Spring, Jeff Gennette, Adrian Mitchell, Mitchell, It's, Gennette Organizations: Wall Street Locations: Arlington , Va, Leandro, Calif, Lihue, Hawaii, Simi Valley, Tallahassee, Fla, Cincinnati, San Francisco
The first Winter Olympics were held 100 years ago in Chamonix, France. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The year 2024 marks the 100th anniversary of famous events, brands, and inventions that have become everyday staples. Here are 10 things turning 100 in the new year.
Persons: Organizations: Service Locations: Chamonix, France
Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it lowered its sales outlook. Nike now expects full-year reported revenue to grow approximately 1%, compared to a prior outlook of up mid-single digits. Those costs are mostly related to employee severance costs, Nike said. During Nike's fiscal second quarter, it posted a strong earnings beat, indicating its cost-savings initiatives were already underway. Sales rose about 1% to $13.39 billion, from $13.32 billion a year earlier.
Persons: Matthew Friend, Friend, didn't, Armour Organizations: Nike, EMEA, Oregonian, LSEG, Adidas, Brands Locations: Thursday's, Greater China, Nike's, DSW
He made a New Year's resolution to lose weight so that he could become a more active dad. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . I'm a tall person, at 6-foot-4, but it wasn't enough of an excuse to weigh between 330 and 340 pounds. In common with a lot of people, my New Year's resolution was to lose weight and get in shape.
Persons: Todd Baker, , Noah, Macy, I'm, I'd, Baker, he's, I've, it's Organizations: Service, Business Locations: Denver, Bahamas, Arapahoe
PHILADELPHIA (AP) — A man who had tried to steal merchandise from a department store in Philadelphia returned 15 minutes later and stabbed two security guards, killing one and injuring the other, city police said. The attack at the Macy’s store occurred shortly after 11 a.m. Monday. Security guards saw the man attempting to steal some hats and took back the merchandise, police said. The other guard was being treated for his injuries, police said, but further details about his condition were not disclosed. The names of the suspect and the two guards have not been released.
Organizations: PHILADELPHIA, Security, Southeastern, Southeastern Pennsylvania Transportation Authority Locations: Philadelphia, Southeastern Pennsylvania
To use precise consumer data, advertisers now must work directly with the company that owns that data — like the retailer that knows what its customers bought or the media company that knows what its audience watched. Streamers including Netflix are building new ad businesses, while platforms like YouTube are trying to bolster their existing ad businesses with more content, such as live sports. "In a world of less data or worse data, whoever has the least-bad data wins," Brian Wieser, an advertising-industry analyst, told Business Insider. Even companies that aren't traditional retailers, such as Uber and Marriott, have kick-started ad businesses. The pandemic pushed the world to embrace streaming services.
Persons: Ana Milicevic, Brian Wieser, Sephora, Morgan Stanley, Milicevic, Neal Mohan, Vinny Rinaldi, Hershey's, Taylor, it's, Weiser, Wieser, influencers Organizations: Data, Apple, Sparrow Advisers, Walmart, Netflix, Companies, Retailers, Target, Marriott, Amazon, Major League Soccer, NFL, Columbia, Bose, YouTube, Advertising, Comcast, Hulu, Meta Locations: California, influencers
And Ulta Beauty and Foot Locker 's shares rose this week, after the companies reported better-than-expected earnings and a strong start to holiday spending on sneakers, makeup and more. Adobe predicts that full holiday season online spending from Nov. 1 to Dec. 31 will hit $221.8 billion, which would be a nearly 5% year-over-year jump. If the estimate ends up being correct, that means shoppers still have a little more than half of their online holiday spending to go. The NRF said this week that its survey found about half of consumers' online and in-store holiday shopping remains. "People are just about tapped out, but [with] the holiday season, people are willing to even further extend themselves," he said.
Persons: Emily Elconin, That's, Dave Kimbell, Ulta, Matt Shay, Anastasiia, It's, Vivek Pandya, Pandya, Kena Betancur, Scott Wren, Wells, Shannon Stapleton Organizations: Getty, Adobe Analytics, National Retail Federation, Consumers, Walmart, Target, Adobe Digital, Adobe, Macy's, U.S . Federal, Shoppers, Reuters Locations: Oaks, Novi , Michigan, New York , New York, Wells Fargo, Macy's, Roosevelt, Garden City , New York, U.S
How America racked up a $1 trillion credit card bill
  + stars: | 2023-12-03 | by ( Delon Thornton | ) www.cnbc.com   time to read: +1 min
Americans have accumulated a record-breaking $1 trillion in credit card debt. This comes as the Federal Reserve's interest rate hikes have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average. However, big box retailers like Macy's and Nordstrom have issued warnings about a slowdown in repayments on their credit cards over the summer, highlighting a potential risk to retail revenue this holiday season. Watch the video above to find out more about how Americans' credit card debt ballooned past the $1 trillion threshold, and whether U.S. consumers can keep spending enough to keep a looming recession at bay.
Persons: Tedd Rossman, Nordstrom Organizations: National Retail Federation
Something to sip on…Dolly Parton In the film "Rhinestone" in 1984 and Cher in 1979 in Los Angeles, California. Getty ImagesDolly Parton and Cher are both making 77 years old look lovely. The same day Parton was on the football field, Cher performed her new Christmas single “DJ Play a Christmas Song” at the Macy’s Thanksgiving Day Parade. You should listen to…Sir Paul McCartney performing in 2017. Poet Paul Muldoon collaborated with Sir Paul McCartney on the bestselling book, “The Lyrics: 1965 to Present,” and their relationship is clear in the ease of their conversations on this podcast.
Persons: Lisa Respers, Dolly Parton, Cher, Parton, Diana Ross, Meryl Streep, Sigourney Weaver, Steve Martin, Samuel L, Jackson, Keith Richards, Ronnie Wood, Kevin Mazur, Giselle Knowles Carter, Beyoncé ”, – she’s, Bey, EGOT, Oscar, Tony, Sir Paul McCartney, “ McCartney, Paul Muldoon, McCartney, , … Catherine Tate, David Tennant, Who, ” Peope, Russell T Davies, it’s “ Organizations: CNN, Getty, Dallas Cowboys, , Disney Locations: Lisa Respers France, Los Angeles , California, London, England, Atlanta, AFP
kept its forecast that holiday sales — from Nov. 1 to Dec. 31 — would grow 3 to 4 percent this year. Mastercard, for example, said sales both in stores and online rose 2.5 percent on Nov. 24, from a year earlier. Like Mastercard’s estimate, the retail consultancy forecast that — adjusted for inflation — sales slipped slightly, Mr. Johnson said. If stores have too much inventory on hand, they may have to cut prices more than expected, which would erode their profits. “Really for the first time in four quarters, we are seeing retailers get inventories better aligned with sales,” Mr. Yruma said.
Persons: ” Matthew Shay, , Craig Johnson, Johnson, Edward Yruma, Piper Sandler, Mr, Yruma, Organizations: National Retail Federation, Mastercard, Growth Partners, Target
Ulta Beauty shares pop as sales climb 6%
  + stars: | 2023-11-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com   time to read: +4 min
Shoppers arrive at an Ulta Beauty store in Las Vegas, Nevada, on May 22, 2023. Shares of Ulta Beauty rose in after-hours trading Thursday, as the company said its third-quarter sales rose while shoppers showed once again they're willing to spend on fragrances, skin care and more even when the budget is tight. The specialty beauty retailer raised the bottom end of its range for full-year sales and earnings expectations. Comparable sales, a metric that tracks Ulta stores open at least 14 months along with online sales, increased 4.5% year over year. Kimbell noted the resilience of the beauty category in nearly every economic environment.
Persons: Dave Kimbell, Ulta, Scott Settersten, Paula Oyibo, Ulta's, Kimbell Locations: Las Vegas , Nevada, LSEG, U.S
This year, 59% retailers offer so-called "returnless" or "keep it" policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG, which surveyed 500 executives at 21 major retailers, including Walmart (WMT.N) and Amazon.com (AMZN.O). That information is "not something that retailers want out there" due to worries the policies could be abused by shoppers, he said. The firm helps retailers manage returns, which typically rise after pre-Christmas sales like Black Friday and Cyber Monday and continue beyond Christmas. The typical return costs retailers about $30. "You just can't afford to ignore it," she said of returns costs.
Persons: Shannon Stapleton, Sender Shamiss, Shamiss, Amena Ali, Ali, Gabrielle Richards, Pamela Peters, Peters, Lisa Baertlein, Arriana McLymore, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, ANGELES, Black, Walmart, Super Bowl, Reuters, eBay, Appriss Retail, National Retail Federation, Amazon.com, Thomson Locations: Macy’s, Roosevelt, Garden City , New York, U.S, Los Angeles, New York
A Labor Strike Over Shoplifting
  + stars: | 2023-11-29 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
Wonder Land: Whether it's the migrant crisis, gender identity, shoplifting, student loans or decriminalizing federal laws on cannabis possession, Republican presidential candidates should not stop talking about the culture. Images: Bloomberg News/AFP/Getty Images Composite: Mark KellyUnion walkouts these days are common for pay raises, but get this: Over the weekend hundreds of workers at three Macy’s stores in the Seattle suburbs went on strike to protest rampant shoplifting and risks to employee safety. United Food & Commercial Workers Local 3000 says Macy’s “is not doing enough to address shoplifting, violent shoppers, and other safety threats to workers and customers.” Among other evidence, the union points to an incident involving Liisa Luick , a longtime employee at the Macy’s store some 20 miles north of downtown.
Persons: Mark Kelly, Macy’s “, Liisa Organizations: Republican, Bloomberg, Getty, Mark Kelly Union, United Food & Commercial Workers Locations: Seattle
Shoppers crowd a Walmart store ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. Online consumer spending jumped 7.8% during Cyber Week, or the five days from Thanksgiving through Cyber Monday, according to data from Adobe Analytics, outstripping initial expectations for a 5.4% rise. But blockbuster deals rolled out from Thanksgiving Day through Cyber Monday helped spread the holiday cheer for bargain-hunters. Sales on Cyber Monday jumped a better-than-expected 9.6% to a record $12.4 billion, as shoppers clicked "buy" on Hot Wheels toys, PlayStation 5, smart watches and kitchen appliances. Reuters GraphicsAdobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.
Persons: Kamil Krzaczynski, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, Adobe Digital, Graphics Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru
More than 200 million shoppers tapped into promotions both in-store and online during the Thanksgiving weekend, the National Retail Federation (NRF) said on Tuesday. That was a jump from the 196 million shoppers seen last year and trumped the trade association's estimates of 182 million. Online shoppers rose 3.1% to 134.2 million, making up for a slight dip in the number of customers who visited brick-and-mortar stores. The weekend saw about 121.4 million in-store shoppers, down from 122.7 million in 2022, according to the retail body. Adobe said discounts peaked at 31% for electronics and at 27% for toys on Cyber Monday, which is typically the biggest online shopping day in the U.S.
Persons: Kamil Krzaczynski, Matthew Shay, Vivek Pandya, trouncing, Klarna, Deborah Sophia, Juby Babu, Pooja Desai Organizations: Walmart, REUTERS, Adobe Analytics, Deloitte, National Retail Federation, Shoppers, Adobe Digital, Adobe, Thomson Locations: Chicago , Illinois, U.S, Bengaluru
Lightning Round: This is Boeing's year, says Jim Cramer
  + stars: | 2023-11-28 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: This is Boeing's year, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: CRISPR, Dell, Cencora, T-Mobile, Boeing, Cardinal Health, DoorDash and Macy's
Persons: Jim Cramer, Macy's Organizations: Dell, Mobile, Boeing, Cardinal Health
Cramer's Lighting Round: Buy Boeing
  + stars: | 2023-11-28 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon CRISPR's year-to-date stock performance. Stock Chart Icon Stock chart icon Dell's year-to-date stock performance. Stock Chart Icon Stock chart icon Cencora's year-to-date stock performance. Stock Chart Icon Stock chart icon T-Mobile's year-to-date stock performance. Stock Chart Icon Stock chart icon Boeing's year-to-date stock performance.
Persons: it's, Mike Sievert, Cardinal Health's, Tony Xu, Tony Organizations: Dell, Mobile, Boeing, Cardinal Locations: Cardinal
NBC drew an all-time record 28.5 million viewers this year during its broadcast of the 97th annual Macy's Thanksgiving Day Parade, up 6% from last year, Variety reported Friday. Despite the trend, more than two-thirds of the parade audience, about 22.3 million viewers, tuned in via traditional TV, according to Variety. The game captured 41.8 million viewers based on Nielson data, peaking at nearly 44.3 million viewers. Fox's Packers-Lions matchup grabbed 33.7 million viewers per Nielson, the most watched Thanksgiving Day game ever for the 12:30 p.m. The game was also NBC Sports' most-streamed primetime NFL Thanksgiving game ever, with viewership led by its platform Peacock, NBC Sports said Friday.
Persons: Nielson, Amazon, Patrick, Kevin Krim, Krim Organizations: NBC, Variety, CBS, Dallas Cowboys, Washington, Nielson, year's Cowboys, Giants, Paramount, Fox's Packers, Lions, Fox, NBC Sports, San Francisco 49ers, Seattle Seahawks, Bears, Packers, NFL, New York Jets, Miami Dolphins, Black, Fox Sports, EDO Inc
Don't listen to the bears: The incredible rally in stocks this month isn't over yet. The Dow and S & P 500 are on track to finish November — ending with Thursday's close — 7% and 8.4% higher, respectively. .SPX ALL mountain Long term look at the S & P 500 index We don't see any reason to curb our enthusiasm for stocks heading into the final month of 2023. With nearly all S & P 500 companies reporting results as of Nov. 17 (the last update from FactSet), 82% beat estimates on earnings while 62% beat on sales. The S & P 500 is bumping up against the highs of the year last reached in July, and the S & P Oscillator came into the week very overbought, a factor prompting us to book some profits and raise some cash.
Persons: Thursday's, Let's, Locker, bullish, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Dow, Stock Traders, Federal Reserve, Energy, Meta, Adobe Analytics, Mastercard, Adobe, Shoppers, TJX Companies, PCE, Jim Cramer's Charitable, CNBC, New York Stock Exchange Locations: Santa, New York City, U.S
Best Cyber Monday boot salesBearpaw: Up to 30% off full-price styles and up to 60% off sale styles. Select styles are 25% of with code DSW: Use code BLACKFRIDAY to save 30% plus an extra 10% OFF. Use code to save 30% plus an extra 10% OFF. Macy's: Boots deals start at just $19.99. Save 30% sitewide.
Persons: Cory, Booties, . Martens, Boots, Cole Haan, Marc Fisher Steve Madden, Steve Madden, Stuart Weitzman, FORYOU25 Organizations: Nordstrom, Columbia, FORYOU25 Locations: Hunter ,
Many retailers are bracing for a bleak holiday shopping season. AdvertisementShoppers are finally feeling the weight of inflation and many retailers are bracing for a bleak holiday season . The trade association said this year's outlook has returned to pre-pandemic levels, with an average annual holiday increase of 3.6% from 2010 to 2019. AdvertisementAnalysts say the positive same-store sales from quarter to quarter suggest that the off-price retailers are gaining market share. TJX stores, which include TJ Maxx and Marshalls, have become increasingly valuable for brands to supply to.
Persons: , Rebecca Duval, Nordstrom, Ross, Bernstein, Aneesha Sherman, TJ, Simeon Siegel Organizations: Service, National Retail Federation, Fashion, Department, Nordstrom, TJX Companies, Burlington, Analysts, Yahoo Finance, TJ Maxx, Marshalls, BMO Capital Markets Locations: Ross, Burlington
Fifth Avenue is known for its elaborate store windows during the holiday season. We ranked the best windows based on how creative, festive, and elaborate they were. Retailers began investing in holiday window displays in the late 19th century to attract shoppers during the year's busiest shopping season . Macy's is credited as the first department store to decorate its windows — at its previous 14th Street outpost between Fifth and Sixth Avenues. Business Insider took a stroll along Fifth Avenue to see the holiday windows and ranked each store based on how creative, festive, and elaborate they were.
Persons: , Macy's, Frank Baum, Oz, Taylor, Lucie Levine, Salvador Dalí, Andy Warhol Organizations: Service, York, New York Times, Retailers, Sixth, New Yorkers Locations: Fifth, New York, Chicago
(Overstock.com bought Bed Bed & Beyond’s brand out of bankruptcy and has relaunched it online, complete with the 20% coupons.) Burlington, Michaels, Barnes & Noble, Ollie’s Bargain Outlet, Macy’s, HomeGoods and other chains have replaced old Bed Bath & Beyond stores. The majority of Bed Bath & Beyond’s stores are in the suburbs of mid-size and large cities, and are under 50,000 square feet. Bed Bath & Beyond spaces have been grabbed up swiftly at rents of up to 50% what Bed Bath & Beyond was paying, according to commercial real estate investment firm CBRE. Kimco Realty, a real estate owner with 26 former Bed Bath & Beyond leases, said that new leases were 38% higher than Bed Bath & Beyond rents.
Persons: Michael O’Sullivan, Barnes, Noble, hasn’t, Warby Parker, Brandon Isner, CBRE’s, , TJ Maxx, REI Organizations: New, New York CNN, Sears, Circuit, Kmart, Burlington, Bed, Kimco, Sports Authority Locations: New York, Burlington, . Burlington, Michaels, Kimco, HomeGoods
Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. To be sure, prices overall are higher in 2023 despite slowed price growth, with October's consumer price index climbing to 3.2% year-over-year. The figure remained flat on a month-over-month basis, signaling some holiday item prices may be slow to come down. Despite a dip in sporting goods prices, they continue to pace above 2019 levels. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season.
Persons: Theresa Forsberg, Jill Lizzo, Barbie, Walmart WMT.N, it's, , Christina Hennington, Vincent Alban, Jessica Ramirez, Jane Hali, Jeffrey Roach, Macy's, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: Bureau of Labor Statistics, Walmart, Reuters Graphics Reuters, REUTERS, Associates, LPL, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Wayback Machine, Thomson Locations: New Milford , Connecticut, New York's Harlem, Chicago , Illinois, U.S, New York
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