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MajorsFeb 27, 2019
Macy’s To Slash 100 Corporate Jobs
The department store chain will cut jobs as part of its new restructuring plan.
The retailer said it plans to invest in categories where it already has strong market share, including fine jewelry.
Cincinnati—Macy’s topped Wall Street earnings estimates in its fourth quarter despite so-so holiday sales, but cost-cutting efforts will be underway starting in fiscal 2019.
As part of its new restructuring plan, the Cincinnati-based retailer will reorganize its upper management and slash about 100 executive positions.
"The steps we are announcing to further streamline our management structure will allow us to move faster, reduce costs and be more responsive to changing customer expectations," said CEO Jeff Gennette.
Macy’s has corporate offices in Cincinnati and New York City, but did not specify the location that would be affected.
The retailer said the goal of the restructuring plan is to save $100 million in annual costs, allowing it to invest in improving supply chain efficiency, work on its inventory management, and grow its customer base.
Fourth-quarter revenue clocked in at $8.46 billion, down about 2 percent compared with $8.67 billion in the previous fourth quarter, but it was ahead of analyst expectations of $8.45 billion.
Same-store sales for stores open at least 12 months were up nearly 1 percent, but not up as much as analysts had hoped.
However, online sales “experienced another quarter of double-digit growth,” said Gennette.
Full-year revenue totaled $24.97 billion, up slightly compared with $24.94 billion in 2017.
Looking to the year ahead, the retailer expects same-stores sales to be flat to up 1 percent with net sales expected to be flat as well.
Plans for 2019 include adding Backstage discount locations to 45 Macy’s stores, expanding its growth investment strategy to an additional 100 stores, enhancing its mobile app, and a “continued aggressive expansion of vendors and SKUs.”
The retailer will invest in categories where it already has strong market share, including fine jewelry, dresses, women’s shoes, and beauty.
Macy’s isn’t the only major retailer cutting jobs from the top this year.
Signet Jewelers Ltd. announced last week that it is offering a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio, and Dallas as it looks to cut costs.
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