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' ...

People shop at the Macy's store on Herald Square on January 19, 2024 in New York City.As Macy's chases sales growth, the department store operator said Tuesday that it will close about 150 of its namesake stores and open more shops with better locations or a luxury focus.The changes reflect a focus on what's working at Macy's — higher-end department store Bloomingdale's and beauty chain Bluemercury — and what's not — its namesake stores, particularly the ones at struggling malls. In its holiday quarter resu ...

ToplineMacy’s on Tuesday announced plans to shutter 150 stores and expand its Bloomingdale’s and Bluemercury chains, part of the retailer’s plans to revitalize its fortunes and usher in “a bold new chapter” as it fends off a looming takeover bid.Macy's announced it will close 150 stores. Getty ImagesKey FactsMacy’s said it will close around 150 “underproductive” stores through 2026 as part of a plan to “accelerate our path to market share gains, sustainable, profitable growth and value creation for our shar ...

Macy’s Inc is trading down in premarket on Tuesday even though it reported better-than-expected earnings for its fourth quarter. Macy’s stock down on muted guidanceCopy link to sectionShareholders are concerned also because the management issued muted future guidance. Macy’s now forecasts its revenue to fall between $22.2 billion and $22.9 billion in fiscal 2024. Analysts, in comparison, were at $2.77 billion. Tony Spring – the chief executive of Macy’s said in a press release today:Our portfolio of globall ...

The Macy's logo is seen at its store in Herald Square in New York City on Jan. 19, 2024.In a news release, Spring described the strategy as "a strong call to action" and said it "challenges the status quo to create a more modern Macy's."Yet new CEO Tony Spring, who took the helm in February, laid out a brighter outlook for the following fiscal year and how Macy's plans to get there. Spring is the former CEO of Macy's higher-end department store Bloomingdale's.The retailer said it expects sales to remain sta ...

NEW YORK--(BUSINESS WIRE)--The board of directors of Macy's, Inc. (NYSE: M) today declared a regular quarterly dividend of 17.37 cents per share on Macy's, Inc.’s common stock, an increase of 5%, payable April 1, 2024, to shareholders of record at the close of business on March 15, 2024. About Macy’s, Inc. At Macy’s, Inc. (NYSE: M), we are a trusted source for quality brands at great values from off-price to luxury. Across our iconic nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we help ou ...

In its upcoming report, Macy's (M) is predicted by Wall Street analysts to post quarterly earnings of $2.02 per share, reflecting an increase of 7.5% compared to the same period last year. Revenues are forecasted to be $8.1 billion, representing a year-over-year decrease of 2%.Over the last 30 days, there has been an upward revision of 2.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts ...

Macy's (M) closed the latest trading day at $19.26, indicating a -1.03% change from the previous session's end. This change lagged the S&P 500's daily loss of 0.6%. Elsewhere, the Dow saw a downswing of 0.17%, while the tech-heavy Nasdaq depreciated by 0.92%.Shares of the department store operator witnessed a gain of 6.57% over the previous month, beating the performance of the Retail-Wholesale sector with its gain of 5.07% and the S&P 500's gain of 3.56%.The upcoming earnings release of Macy's will be of g ...

Key TakeawaysArkhouse Management has launched a proxy fight for Macy's after the retailer rejected the activist investor's offer to buy the company.Macy's said real estate private equity investment firm Arkhouse has nominated nine people for board seats, to be voted on by shareholders at the company's annual meeting.Macy's said no to a December $21-per-share bid by Arkhouse and partner Brigade Capital Management, saying the potential buyers didn't provide enough information about financing.A proxy fight is ...