Bloomingdale's news and archive

Macy's banks on turnaround, ups earnings forecast

For the first quarter, Macy’s diluted earnings per share were 22 cents and adjusted diluted earnings per share were 27 cents compared to 56 cents in the same quarter of 2023. Net sales of 4.8 billion dollars were down 2.7 percent, comparable sales were down 1.2 percent on an owned basis and down 0.3 percent on an...

Retail |In Pictures

Kate Spade New York debuts café concept in Dubai

American fashion brand Kate Spade New York has debuted its first-ever global café concept within Bloomingdale’s at Dubai Mall. The café concept has been designed to bring to life Kate Spade New York’s signature brand codes while offering customers an enhanced lifestyle experience with a menu featuring drinks and branded treats. Open until June...

People

Macy’s appoints new VP of its Media Network

US department store group Macy’s, Inc. has announced the appointment of Michael Krans to the role of vice president, Macy’s Media Network. Reporting to Max Magni, chief customer and digital officer, Krans will oversee the group’s in-house media publisher which connects advertising partners with the customers of both Macy’s and Bloomingdale’s. He...

Business

Macy's to shutter 150 stores, expand Bloomingdale's

America’s largest department store operator, Macy’s, announced on Tuesday it would close 150 of its stores as part of a strategic shift under new CEO Tony Spring. The company, facing challenges, will focus on expanding Bloomingdale’s, aiming to create a more modern Macy’s, Inc. The move is seen as an effort to enhance customer relationships...

Business

Macy’s shares surge 18 percent following buyout offer

Shares of US department store Macy's jumped almost 18 percent in early Monday trading following news that an investor group has offered a 5.8 billion dollars buyout deal. According to Wall Street Journal, Arkhouse Management, which focuses on real estate investments, and global asset manager Brigade Capital Management have jointly made the offer...

BusinessFeatured

Macy's raises full year profit target

Macy’s reported third quarter diluted earnings per share of 15 cents and adjusted diluted earnings per share to 21 cents, while net sales of 5 billion dollars were down 7 percent. The company's comparable sales declined 7 percent on an owned basis and 6.3 percent on an owned-plus-licensed basis. Commenting on the outlook, the company said it now...

BusinessFeatured

Tony Spring to take over as Macy's Inc. CEO, Jeff Gennette to retire in February

Macy’s, Inc. has announced that the company’s chairman and chief executive officer Jeff Gennette, 61 plans to retire in February 2024 after serving the company for 40 years. “Serving Macy’s, Inc. over the past 40 years has been a privilege. I’m proud of the exceptional work of our colleagues to strengthen Macy’s, Inc. by successfully executing...

Business

Macy’s appoints Paramount Global CFO Naveen Chopra to its board of directors

Macy’s, Inc. has announced the appointment of Naveen Chopra, executive vice president and chief financial officer of Paramount Global, to its board of directors, effective April 1, 2023. Chopra, the company said in a release, is an established financial and operational leader who has served as chief financial officer for several high-growth,...

BusinessFeatured

Macy's Q4 earnings beat analysts' expectations

Diluted earnings per share were 1.83 dollars and adjusted diluted earnings per share 1.88 dollars for the fourth quarter compared to 2.44 dollars and 2.45 dollars in the same quarter of 2021, respectively. According to Refinitiv, the company's adjusted earnings per share of 1.71 dollars excluding a tax benefit, were higher than the analysts'...

Retail

Bloomingdale’s new concept enters Seattle market

Luxury department store chain Bloomingdale's has announced plans to enter the Seattle market and open “Bloomie’s” in University Village. “We are thrilled to enter the Seattle market with the opening of our third Bloomie’s location,” said Charles Anderson, Bloomingdale's director of stores. After introducing the retailer’s smaller format store in...

Business

Macy's expects inflation and low consumer sentiment to impact holiday quarter sales

Macy’s, Inc. expects net sales to be at the low-end to mid-point of the previously issued range of 8,161 dollars to 8,401 million dollars while adjusted diluted earnings per share to be in the previously issued range of 1.47 dollars to 1.67 dollars for the fourth quarter. The company said in a release that on a percentage basis, total...

BusinessFeatured

Macy’s Q3 revenue and earnings beat forecast

Macy’s reported diluted earnings per share of 39 cents and adjusted diluted earnings per share of 52 cents compared to diluted earnings per share of 76 cents and adjusted diluted earnings per share of 1.23 dollars in the third quarter of 2021. The earnings performance compares to diluted earnings per share of 1 cents and adjusted diluted...