Bloomingdale's news and archive

Macy’s expects non-performing stores to impact Q4 sales

Macy’s has reaffirmed its fourth-quarter financial expectations, forecasting adjusted diluted earnings per share to fall within the previously announced range of 1.40 dollars to 1.65 dollars. The company also anticipates net sales to be near the lower end of its prior guidance, ranging from 7.8 billion dollars to 8 billion dollars. In a trading...

Retail

Macy’s to close 66 stores as part of “bold new chapter” strategy

Macy's has confirmed the closure of 66 Macy’s store locations across New York City and surrounding regions as a part of the bold new chapter strategy, which was announced in February 2024. The company said in a release that the plan is designed to return the company to sustainable, profitable sales growth which includes closing approximately 150...

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Macy's cuts full year earnings forecast

Confirming no material impact on its financial results after completion of delivery expense related investigation, Macy’s reported GAAP diluted earnings per share of 10 cents and adjusted diluted earnings per share of 4 cents for the third quarter. Macy’s now projects full year net sales to be in the range of 22.3 billion dollars to 22.5 billion...

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Activist investors call for change at Macy’s, retailer responds

Two activist shareholders of Macy’s have called on the US department store giant to make a number of changes to its structure, including a possible sale of Bloomingdale’s, after it delivered “limited sustainable improvements” to operating results. In a press release and presentation addressing the retailer, Barington Capital Group LP and Thor...

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Macy’s delays Q3 results after discovering employee hid millions in expenses

Macy’s has delayed its third quarter results after discovering that one of its employees hid nearly 132 million dollars to 154 million dollars in delivery expenses over the last three years. The company’s net sales for the quarter decreased 2.4 percent to 4.742 billion dollars, with comparable sales down 2.4 percent on an owned basis and down...

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Macy's lowers full year sales outlook amid difficult consumer environment

Macy’s has lowered its annual outlook to reflect the difficult consumer environment and now expects net sales to be in the range of 22.1 billion dollars to 22.4 billion dollars with comparable sales change of down between 1.5 to 2 percent. For the second quarter, Macy’s reported diluted and adjusted diluted earnings per share of 53 cents. Net...

Retail

Bloomingdale’s to host ‘From Italy, With Love’ retail event

American department store chain Bloomingdale’s will host a two-month-long retail event bringing “the best of Italy to the US” kicking off with New York Fashion Week in September. The ‘From Italy, With Love’ event will start on September 5 within the retailer’s 59th Street flagship in New York and will immerse shoppers in Italian fashion, design,...

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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...

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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...

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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...