Macy’s Shares Higher on Better-Than-Expected Q2
Digital sales increased 53% year-over-year, which helped offset the loss of sales at stores due to coronavirus closures.
CFOs On the Move: Week Ending May 22
Republic Services, Macy’s, CBS News, Organon, Scientific Games, FabFitFun, OODA Health, Lief Labs, Diamond Estates Wines & Spirits, Axiom
Macy’s CFO Paula Price to Step Down
Price’s departure comes amid a massive retail shutdown that forced the company to close stores, furlough employees, and temporarily cut executive pay.
Can Big Retailers Be Saved?
Innovative store concepts are buying some time, but brands like Macy’s and J.C. Penney need a lot more to reverse the falloff in sales.
Macy’s to Close 125 Stores, Cut 2,000 Corporate Jobs
The closings are part of the retailer’s turnaround strategy that aims to find $1.5 billion in annual cost savings by the end of 2022.
Macy’s Posts First Comp Sales Drop in 2 Years
“The mall is getting more toxic," one analyst warns. "Mall traffic will likely continue to wane over the years ahead.”
CFOs to Watch 2019: Will They Sink or Swim?
The success or failure of these 20 CFOs will decide their companies’ futures in a time of economic uncertainty and technological disruption.
Online Clothing Reseller ThredUp Gets $175 Million Infusion
The company plans to expand its platform to offer resale services to retailers, and recently announced partnerships with Macy’s and J.C. Penney.
Macy’s Shares Fall 13% on Big Earnings Miss
Same-store sales improved in the second quarter but profit was hit by heavy markdowns to clear unsold merchandise.
Macy’s to Cut Top Jobs as Part of Savings Plan
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.