The company's shares rose 2.8 percent to .15 in after-hours trading on Wednesday as investors cheered its plan to reduce costs by 0 million by consolidating regions and call-centers.
The jobs to be eliminated include 3,000 store workers, though about half of those employees will be put in other positions, as well as hundreds of back-office and senior executive posts, the company said in a press release.
In some cases, there will be short-term pain as we tighten our belt and realign our resources.
But our eye is on a long-term vision of Macy’s, Inc.
) said it will eliminate more than 2,000 jobs and consolidate operations after reporting weak holiday sales, highlighting a downturn in apparel demand that has likely taken a similar toll on other department stores and clothing chains.
Macy's said comparable sales at stores open for more than a year tumbled by 4.7 percent in November and December, far worse than what it had estimated in November, and it cut its earnings outlook for the second time in two months.
Most recently, MST has concentrated on leveraging the explosive growth of the Internet and e-commerce to expand Macy's markets. (NYSE: M) today announced a series of cost-efficiency and process improvement measures to be implemented beginning in early 2016 that will reduce SG&A expense by approximately 0 million while still investing in growth strategies, particularly in omnichannel capabilities at Macy’s and Bloomingdale’s.The actions represent progress toward the company’s previously stated goal of re-attaining over time an EBITDA rate as a percent of sales of 14 percent. this afternoon also issued a separate news release announcing sales results for the November/December 2015 period and updating guidance.) “In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations.Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of billion. Web Sites: MST was formed in 1985 to consolidate the diverse data processing operations of Macy's, Inc. Long recognized in the retail industry for its leadership position in technology, MST provides an integrated line of high-performance retail, electronic commerce, and data warehouse systems for use at all levels within Macy's.The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. MST uses a mix of Internet, wireless, client/server, midrange, and mainframe technologies to meet Macy's business needs.On the company's first day of business on October 28, 1858 sales totaled US.08, equal to 6.15 today.