Macy’s could potentially decide to shutter the Macy’s department store it operates in San Francisco’s Union Square area. The iconic store appears to be facing the chopping block as part of the "bold new chapter" strategy that Macy’s said earlier Tuesday would involve closing numerous Macy’s locations, according to local media reports."There is a current evaluation underway comparing the potential real estate value and the future sales growth profitability potential," a source at Macy's said, adding that if ...

Macy's plan to close 150 unproductive stores will help solidify its long-term growth.getty Macy’s released its full-year sales results which showed revenue down 5.5% in 2023 compared to 2022. More concerning for the department store is that comparable store sales were down 6.9%, which is a performance comparison to the same stores open last year and this past year (comparable stores would not include new stores opened or closed within the year). In a move to focus on sustainable growth, the company announce ...

Key TakeawaysMacy's announced a new strategy Tuesday as the department store giant tries to fend off a proxy fight by an activist investor.The plan calls for eliminating 150 Macy's stores and adding more Bloomingdale's and Bluemercury locations.Last week, Arkhouse Management launched a proxy fight after Macy's rejected a takeover bid by the activist investor and partner Brigade Capital Management in December.Macy’s (M) shares rose nearly 5% in intraday trading Tuesday after it announced 150 store closures i ...

A Bold New Chapter Q4 2023 Earnings Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Privat ...

Start Time: 08:00 January 1, 0000 9:16 AM ET Macy's, Inc. (NYSE:M) Q4 2023 Earnings Conference Call February 27, 2024, 08:00 AM ET Company Participants Tony Spring - CEO and Chair-Elect Adrian Mitchell - COO and CFO Pamela Quintiliano - VP, IR Conference Call Participants Matthew Boss - JPMorgan Oliver Chen - TD Cowen Brooke Roach - Goldman Sachs Blake Anderson - Jefferies Paul Lejuez - Citi Dana Telsey - Telsey Advisory Group Michael Binetti - Evercore ISI Robert Drbul - Guggenheim Securities Alex Straton ...

Macy's (M) reported $8.12 billion in revenue for the quarter ended January 2024, representing a year-over-year decline of 1.7%. EPS of $2.45 for the same period compares to $1.88 a year ago.The reported revenue represents a surprise of +0.33% over the Zacks Consensus Estimate of $8.09 billion. With the consensus EPS estimate being $2.02, the EPS surprise was +21.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Macy's mall location. Macys plans to continue closing stores.gettyThere was a lot of excitement when Tony Spring, the new CEO of Macy’s, discussed the past but also unveiled his vision for the future. Macy’s. 4th quarter diluted earnings per share were down $(0.26) compared to last year $1.83 and adjusted EPS was $2.25 compared to last year’s $1.88 per share.The significant announcement was that Macy’s has a repositioning plan which is Tony Spring’s vision for the future. It is a bold statement that basical ...

Macy’s said it will shut down 150 stores — about 30% of its US namesake chain — as the department-store giant tightens its focus on luxury under a new chief executive.The retailer said in a Tuesday filing that the closures slated to take place over the next three years will free up as much as $750 million worth of real-estate assets as the department-store chain focuses on growing its luxury brands.During the same three years, Macy’s plans to add 15 new outposts of its higher-end Bloomingdale’s stores, as w ...

Macy’s has announced plans to close 150 “underproductive” stores – more than a fifth of its department store empire – over the next three years.The business said it would shutter about 50 outlets by the end of 2024 after issuing a muted trading outlook for the year ahead.As part of what it calls a “bold new chapter”, the retailer – which in January announced plans to cut 2,350 jobs, or 3.5% of its workforce – said it would concentrate more on luxury shopping.As part of this focus, Macy’s plans to open 15 of ...

Macy's plans to close roughly 150 locations through the end of 2026, starting with 50 this year.The retailer says the moves will help it strengthen its brand and return to sales growth.Cost savings from the closures will be reinvested into about 350 remaining stores, the company said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you' ...