Macy's swings to a second quarter profit, but sales surprisingly weak as customers grow cautious
Macyโs swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials.
Macy's tops expectations for the first quarter as luxury and beauty sales shine
Macyโs sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending.
Macy's names 2 independent directors as part of agreement with activist investor
Macyโs said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.
Arkhouse and Brigade up Macy's takeover offer to $6.6 billion following rejection of previous deal
Arkhouse Management and Brigade Capital Management are upping their offer to acquire Macyโs in a deal now valued at $6.6 billion.
Investment firm Arkhouse nominates slate of directors for Macy's board as takeover talks stall
Arkhouse Management is nominating nine people for Macyโs board of directors, igniting a proxy battle after the department store operator rejected a $5.8 billion takeover offer from the investment firm and Brigade Capital Management.
Man suspected of shoplifting stabs 2 security guards at Philadelphia store, killing 1
Philadelphia police say a man who had tried to steal merchandise from a department store returned 15 minutes later and stabbed two security guards, killing one and injuring the other.
Retailers are ready to kick off Black Friday just as shoppers pull back on spending
Retailers are kicking off the unofficial start of the holiday shopping season on Friday with a bevy of discounts and other enticements.
Kohl's beats on 2Q profits as department store cuts inventory amid cautious consumer spending
Kohlโs reported on Wednesday that both profits and sales declined in the second quarter as the department store wrestles with shoppersโ cautious spending in a challenging economy.
Consumers are spending, but Wall Street and businesses expect a tighter squeeze ahead
Macyโs, Target and Dollar General are warning investors their sales will suffer this year as consumers shift spending to essentials.
Macy's, Best Buy 4Q reports underscore consumer slowdown
The latest earnings reports from Macyโs and Best Buy show that consumers are still cutting back their spending on clothing and gadgets as inflationary pressures on everything from food to gas are straining household budgets.
IN PHOTOS: July 4 fireworks from around the U.S.
Before looking ahead to next year and Americaโs 247th birthday in 2023, here are some photos of fireworks displays in New York City, Washington, D.C., Las Vegas and Los Angeles on Monday night.
Macy's Q4 results tops analysts' estimates, completes review
Macyโs is reporting strong fourth-quarter sales and profits that exceeded Wall Street estimates even as the department store chain faced numerous challenges from supply chain issues to labor shortages and inflation.
January retail sales surge 3.8% as consumers defy inflation
Fueled by pay gains, solid hiring and enhanced savings, Americans sharply ramped up their spending at retail stores last month in a sign that many consumers remain unfazed by rising inflation.
Despite supply issues and omicron, holiday sales rise 8.5%
Holiday sales rose at the fastest pace in 17 years, even as shoppers grappled with higher prices, product shortages and a raging new COVID-19 variant in the last few weeks of the season, according to one spending measure.
Modest 0.3% November retail sales bump, optimism still high
Americans slowed their spending from October to November but still continued to shop ahead of the critical holiday season, brushing off rising prices and shortages.
Macy's Thanksgiving parade returns, with all the trimmings
Giant balloons once again wafted through miles of Manhattan, high school and college marching bands from around the country were back, and so were the crowds at the Macy's Thanksgiving Day Parade.
Macy's, Kohl's post strong results heading into holidays
Department store chains Macyโs and Kohlโs delivered strong results for the fiscal third quarter as shoppers go back to buying dresses and other goods that fell to the bottom of the shopping list when the pandemic struck.
US consumer prices rise 0.3% in August, lowest in 7 months
U.S. consumer prices rose a lower-than-expected 0.3% last month, the smallest monthly increase n seven months and a hopeful sign that inflation pressures may be cooling.
โCool but weird.โ Macyโs store transformed into school
Students commute between classes at Downtown Burlington High School, Monday, March 22, 2021, in Burlington, Vt. Students who once shopped at a downtown mall are now attending high school in the mall's former Macy's department store, taking escalators to and from classes. The existing Burlington High School was closed last August after PCBs were found in the building. The Downtown Burlington High School opened March 4, about six months after school administrators closed the existing school, just under 2 miles away, because toxic industrial chemicals known as PCBs were found in the building and soil during renovations. As school officials looked for space where students could attend school in-person, they eventually eyed the empty department store, which closed in 2018. โIt's weird but cool at the same time,โ said freshman Moses Doe, 15, who said he and his family shopped plenty at Macy's before it became his school.
Macy's closes out a tough year with hope for 2021
The department store chain said Tuesday, Feb. 23 it anticipates 2021 as a recovery and rebuilding year as the company sets a foundation for growth. Still, the department store defended its physical store business, noting that online sales are two to three times higher in markets with Macy's stores. Macy's and other department stores are being threatening on multiple levels. โIt could have been a terrible year for Macyโs," Jeff Gennette, Macy's CEO, told analysts on the earnings call Tuesday. It said 25% of Macy's online sales were fulfilled in its stores.
Macyโs to permanently close 45 locations in 2021: See the list of Texas stores
The Macy's store at the popular Tyson's Corner Center sits closed Monday, March 30, 2020, in McLean, Va., a Washington suburb. Scott Applewhite)With sales down due to the coronavirus pandemic and decreased foot-traffic at shopping malls, Macyโs is shuttering some of its storefronts. Macyโs informed employees at 45 locations, including five within Texas malls, that their stores would close in 2021, CNBC reports. Texas stores expected to close include:Golden Triangle Mall located at A, 2201 South Interstate 35 East Ste. in DentonPost Oak Mall located at 1508 Harvey Road in College StationRivercenter Mall located at 151 Bowie St. in San AntonioRolling Oaks Mall located at 6909 North Loop 1604 East Ste.
Virus keeps Black Friday crowds thin, shoppers shift online
Black Friday shoppers wear face masks as the leave Saks Fifth Avenue flagships store empty handed, Friday, Nov. 27, 2020, in New York. Crowds at stores were dramatically diminished as shoppers shifted online. Black Friday is projected to generate $10 billion in online sales, a 39% bump from the year ago period, according to Adobe. And Cyber Monday, the Monday after Thanksgiving, will remain the biggest online shopping day of the year with $12.7 billion in sales, a 35% jump. At a popular shopping area in St. Petersburg, Florida, several storefronts were empty, and the only line was at a plasma donation center.
Police: 8 injured in Wisconsin mall shooting; suspect sought
Wauwatosa Police chief Barry Weber speaks at a news conference, Friday, Nov. 20, 2020, in Wauwatosa, Wis. Multiple people were shot Friday afternoon at the Mayfair Mall in Wauwatosa, Wis., and police are still searching for the shooter. (AP Photo/Nam Y. Huh)WAUWATOSA, Wis. โ Police searched Friday evening for the suspect in a shooting at a suburban Milwaukee mall that left seven adults and a teenager injured. โPreliminary statements from witnesses indicate that the shooter is a white male in his 20s or 30s,โ Weber told reporters. Police said Cole was fleeing from police; Mensah, who is also Black, said he shot Cole because Cole pointed a gun at him.
Macy's loses money in 3Q; virus surges into holiday season
FILE - In this Nov. 29, 2019, file photo a shopper leaves a Macy's department store with bags in both hands during Black Friday shopping in New York. (AP Photo/Bebeto Matthews, File)NEW YORK โ Macy's swung to a quarterly loss and sales tumbled 22% as the department store chain struggled to bring shoppers back to stores during a pandemic. The New York company furloughed a majority of its employees. And they are threatening traditional department stores at multiple levels. But the department store has a heavy presence in malls, which had been struggling long before COVID-19.
Santa Claus won't be coming to Macy's this year
FILE - Santa Claus waves during the Macy's Thanksgiving Day Parade, Nov. 28, 2019, in New York. Macy's said Santa Claus won't be greeting kids at its flagship New York store this year due to the coronavirus, interrupting a holiday tradition started nearly 160 years ago. However, Macy's said the jolly old man will still appear at the end of the televised Macy's Thanksgiving Day parade. But he will still appear at the end of the televised Macy's Thanksgiving Day parade, the company said. Macy's has been using Santa Claus to draw crowds to its New York store since the early 1860s, calling itself โThe Home of Santa Claus" for decades.
Job hunting? See whoโs hiring in Houston for the holiday season
HOUSTON โ The holiday shopping season is quickly approaching, and some companies will need some extra help to fulfill orders this year. Companies such as Target, Amazon, and FedEx are hiring seasonal workers for the holiday shopping season. FedExFexEx is hiring seasonal delivery drivers to quickly and efficiently deliver packages to customers during the holiday shopping season. Click here to applyUPSUPS is hiring seasonal delivery drivers to deliver holiday packages to customers during the shopping season. MacyโsMacyโs is hiring seasonal workers in all Macyโs locations in the Houston area, including the Galleria.
Macy's plans smaller but camera-ready Thanksgiving parade
FILE - In this Nov. 23, 1995 file photo Woody Woodpecker leads a line of other balloons and floats into New York's Times Square during the 69th annual Macy's Thanksgiving Day parade. A Macy's Thanksgiving parade reimagined for the coronavirus pandemic will feature floats, performers and giant balloons parading along a one-block stretch of 34th Street in front of the retailer's flagship Manhattan store, Macy's officials announced Monday, Sept. 14, 2020. The spectacle will be broadcast as usual from 9 a.m. to noon Eastern time on NBC and will include both live and recorded elements, Macy's officials said. The 2 1/2-mile Thanksgiving parade route will be axed in favor of a short stroll for the cameras, Macyโs spokesperson Orlando Veras said. Mayor Bill de Blasio thanked Macy's officials for their effort to stage the parade despite COVID-19 restrictions.
What does it mean to be furloughed?
But what exactly does it mean to be furloughed and how does it differ from being laid off? Furloughed workers also usually get to keep their seniority status and return to the same pay level when they are brought back. Generally, furloughed workers' retirement benefits stay in place for as long as they are on the payroll, but the status of their health coverage can depend on the company's plans. The decision is usually temporary with the hope that workers will eventually be brought back once economic conditions improve. What furloughed workers should knowWhile state laws vary, furloughed workers can usually apply for unemployment benefits, according to Schmidt.