Posted on 08/11/2016 5:53:41 AM PDT by Olog-hai
Macy’s says it plans to close about 100 stores next year as the department store operator aims to become more nimble in a competitive market. That represents close to 14 percent of its store base. […]
The nation’s largest department store chain says that it earned $11 million, or 3¢ per share, in the quarter ended July 30. That compares with $217 million, or 64¢ per share, in the year-ago period. …
(Excerpt) Read more at hosted.ap.org ...
Macy’s thought pulling Trump’s clothing line would get them accolades by the press and the PC Crowd and HELP their business. They did get their accolades when it happened. However, Macy’s failed to realize that those accolades don’t transfer to sales with middle America or the 14 million Trump voters. They are learning JC Penney’s lesson.
I will say that I feel sorry for the workers at these 100 Macy’s stores who relied on working there for an income and now have to find another job.
Gays will be very sad to lose all those bathrooms.
“AS LONG AS they use any savings to strengthen other stores, not just fritter away on other chains or bonuses for executives.”
Macy’s CEO Terry Lungren’s compensation for 2015, a down year, was $11.7 million. Doug McMillion, CEO of Wal-Mart, a competitive retailer with 15 times the sales of Macy’s, made $16 million. Lungren earned $1.6 million in base salary and the remainder in bonus and options. McMillion earned $1.2 million in base salary with the rest in incentive compensation. Kevin Mansell, CEO of Kohl’s, earned $8.3 million of which $1.4 million was base salary. Kohl’s has annual sales of $19 billion.
Terry Lungren was CEO of Federated at the time of the Federated/May merger which created Macy’s. He has guided the company for over 10 years. If 13% of the stores have been underperforming, it has occurred under his direction. One should ask if it is a smart move to cut them now, why wasn’t it a smart move to cut them 5 or 10 years ago. If the rationale is the underperformance is recent, the obvious question is how did these stores become uncompetitive? Perhaps they have been mismanaged (i.e. not update, poor product assortments, insufficient payroll, bad store managers). Given that $9 billion in market cap has evaporated over the last 10 years with Lungren at the helm, is he the right guy to be reshaping the company?
No, they have no principles. The chose the wrong side.
Closing 100 stores? Ok...sure...
Faux upscale overpriced crap. No loss.
The stock was up 17% today, too bad you missed it Einstein.
And they closed 100 stores rocket scientist.
Actually the stores won’t be closing until the end of the year, and who gives a rip (or bang) about closing some store if it improves their balance sheet?
I’m guessing business isn’t your strong suit.
Paragraphs are your friend.
If you can play the short side with stocks or options, conservative boycotts are huge piles of free money laying in front of you.
They always are catastrophic and the media always refuses to cover the collapse.
Even now, the liberal CNN guy who was crowing that the boycott failed in February is defending himself on Twitter, saying that it was Amazon competition, not Trump. Then why didn’t it hit the sector instead?
Wrong again. MBA here. Get over yourself.
Paragraphs are your friend.
I agree. There were paragraphs when I wrote the text. When I posted, the paragraphs disappeared.
Even worse then because you should know better.
Oh, and I’m not wrong moron....you are.
Really? What are you 12?
My local Sears have been busier than my local Macy’s. To be fair Sears at least sells things people need such as appliances, tools, etc. With so many people un/under employed the need for alot of what Macy;s sells in severely limited.
Our Sears and K-mart are both like ghost towns. Whereas Walmart you can’t find a parking space...............
Yep. I've seen a few in my area they were listing for the low 300's initially. One has since been reduced to 295k.
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