Macy’s recently celebrated Asian Pacific American Heritage Month with chef Kristen Kish. Kish, the winner of Bravo’s “Top Chef” Season 10, hosted in-store events at six Macy’s stores across the country, highlighting the Asian food experience with special tastings and more.
As Macy’s continues working to stabilize its brick-and-mortar operations, the company reported a drop in comparable store sales in the first quarter.
Facing competitive headwinds from e-commerce and closeout retailers, Macy’s new CEO Jeff Gennette is focused on growing the company’s core business while also expanding the department store’s efforts in the digital space.
For the fiscal fourth quarter ended January 28, Macy’s recorded company net income of $475 million, or $1.54 per diluted share, versus $544 million, or $1.73 per diluted share, in the year-prior period.
According to a study from First Insights, a pricing technology solutions firm, bargain hunting is having a big effect on retail prospects today, with 45% of women who responded to a survey stating that they must see a markdown of 41% or greater to even enter a store today.
After detailing a plan to reorganize its operations, Macy’s announced less than happy holiday season results, with comparable sales on an owned-store plus licensed basis declining 2.1% in the 2016 November/December season year over year. Comps at owned locations slipped 2.7%.
Macy’s has named Cheryl Heinonen evp/corporate communications, effective January 9, 2017.
Macy’s is looking to leverage its real estate assets as it plans a turnaround from softer sales and earnings.
Macy’s has sold five stores to General Growth Properties. The sale is part of the retailer’s previously-announced plan to drive profitable growth by reallocating investments to its highest growth potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.