Macy’s shares jumped over 6% in pre-market trading on Tuesday after the fashion retailer generated higher earnings than expected in the holiday quarter and forecast better sales for this year.
https://www.fxempire.com/forecasts/article/macys-shares-jump-after-earnings-blow-past-estimates-and-company-raises-outlook-907431
Better Days will only come when Jeff Gannett is replaced with a true, honest leader who has Macy’s best interest at heart instead of his outrageous bonuses and the bonuses of his top lieutenants.
Granted we survived a pandemic but since Gannett took the reins he turned Macy’s into a low end store selling overpriced junk. You are hard pressed to find branded merchandise in clothing and the home store merchandise is that of a mass merchant .
He has forced out tenured employees by paying new hires more than employees with ten years service.
The stores are filthy dirty, the restrooms and fitting rooms are beyond disgusting. Stores are in desperate need of renovation. Worn dirty carpeting. They replaced half of the carpet in my store three years ago and the other half has carpet from thirty years ago. The new carpet looks bad because it is never vacuumed, Shelves and fixtures are covered with dust.
In a nut shell Macy’s is in shambles but Gannett is spending FIVE BILLION DOLLARS to make a political statement.
His regionals and store managers sc--w the stores by holding back raises so they get a bigger bonus. Macy’s management is a big game of corporate GREED.
Scores of people have left my store and more are resigning daily. I put my notice in last week and can’t wait to get out of this deplorable company.
Best wishes to all who remain.
I like the stock, over valued a bit but I like. Just need to get that Amazon like distribution flow going with Macys own delivery. Stop wasting money paying for commercials on cable TV. Having your own distribution vans like Amazon is a moving advertisement that will be seen on the roads by more people than Tv ads. Not complicated, just cheaper
Of course Macy's had higher earnings. They slashed payroll which is the biggest expense. They got their higher earnings off the backs of the hard working, exploited, and short staffed employees.
Better days coming... for who? The execs will get big bonuses but things are never getting better in the stores no matter what the earnings are.
More money means bonuses and going to the pocket of the corporate executives. More money equals more greed and Macys will become even cheaper to its employees.