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Lejuez's math pegs Macy's credit card business representing 49% of its operating profits in 2022, up from 35% in 2021. Pre-pandemic in 2019, the business made up 58% of Macy's operating profits.
On February 2, 2009, Macy's announced the elimination of 7,000 jobs, or 4% of its workforce, and slashed its dividend as it looked to lower expenses as part of a major restructuring. Cincinnati-based Macy's Inc. stated that the workforce reduction included positions in offices, stores, and other locations, and the cuts include some unfilled jobs.
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Macy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers.
Macy's (originally R. H. Macy & Co.) is an American department store chain founded in 1858 by Rowland Hussey Macy.It has been a sister brand to the Bloomingdale's department store chain since being acquired by holding company Federated Department Stores in 1994, which renamed itself Macy's, Inc. in 2007.
Macy's posted a beat on earnings estimates on Tuesday before the market open, but the department store pointed out that its credit card business is under pressure.
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Analysts also say Macy’s has underinvested, and cost-cutting measures have hurt customer service in stores. CNN’s Chris Isidore contributed to this article. For more CNN news and newsletters ...