Provides preliminary 4Q and full-year 2019 sales results, narrows annual EPS guidance to upper end of range; provides 2020 guidance and three-year financial targets
Begins a reset of fixed cost base to stabilize and then grow profitability and cash flows; expects annual gross cost savings of $1.5 billion to be fully realized by year-end 2022, with $600 million gross cost savings achieved in 2020
Prepares to launch next phase of successful Macy’s Star Rewards loyalty program
Lays out plans to build four $1 billion power private brands Optimizes store portfolio by continuing the Growth treatment of stores in best malls, closing approximately 125 stores in lower tier malls within three years, and exploring new off-mall formats
Establishes single corporate headquarters and relocates digital business to New York City, the heart of the fashion industry