Macy’s lowered its annual net sales forecast on Wednesday, blaming higher promotions and weak demand for upscale apparel and accessories from deal-hungry consumers in the U.S., sending its shares down 12%. It also reported a bigger-than-expected fall in net sales for the second quarter, setting a somber tone for the busy back-to-school and holiday shopping…
Bloomingdale’s owner Macy’s raised its annual profit forecast on Tuesday, signaling that efforts to reduce costs by closing underperforming stores and trimming jobs were starting to pay off. Shares of the New York-based company were up 3% before the bell after it also beat first-quarter profit estimates. Macy’s in February decided to shutter about 150…
American luxury designer brand Mac Duggal has forayed into India, marking its entry in the 52nd country. The brand has laid down a strategy for its initial 5 years of operations in India and eyes to clock Rs 500 crore by the end of these five years, Manmohan Singh Duggal, founder & MD, Mac Duggal…
Kohl’s on Tuesday forecast annual sales and profit largely below market expectations, joining Macy‘s and Nordstrom to warn of a challenging year for U.S. department stores. Shares of Kohl’s, which gained about 14% in 2023, fell 2% in early trading as it posted a steeper-than-expected drop in same-store sales in the fourth quarter. The retailer’s…
New York: Macy’s forecast annual sales largely below market expectations on Tuesday on weak demand for its apparel and shoes, and said it would close 150 stores through 2026 as part of its new turnaround plan. The retailer did not provide details on the location of stores set to close or how many employees will…
Macy‘s said on Tuesday that investor Arkhouse Management has nominated nine individuals to its board, setting off a proxy battle just a month after the department store rejected a $5.8 billion go-private bid. The company had rejected the offer from Arkhouse and Brigade Capital on concerns over valuation, while it continues discussions for more information…
An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy’s private, according to a person familiar with the matter on Sunday. Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s…
Representative Image Gap Inc on Thursday forecast a steeper-than-expected decline in current-quarter sales after missing expectations in the second quarter, hit by slowing demand for its accessories and apparel as budget-strained American customers cut back on spending. Gap’s weak sales were on similar lines to the latest earnings and forecasts from retailers ranging from Macy‘s…
