Macy's announced Paula Price as its new Chief Financial Officer on Wednesday. Price will lead all finance, accounting, investor relations and internal audit functions and will report to chairman and CEO Jeff Gennette.
Macy’s raised its full-year profit forecast on Wednesday and reported better-than-expected quarterly and same-store sales, helped by strong international tourism, a new loyalty program and a greater product assortment.
Vendors who work with the retailers and consultants who advise big department stores say this year chains are much slower in placing new orders for the holidays, as they deal with declining foot traffic.
Macy's Inc margins could end the year as much as 80 basis points lower than in 2016, CFO Karen Hoguet warned on Tuesday in comments that sent shares of the department store chain sliding to five-year lows.
Macy's said strategy of opening its Backstage off-price chain within its department stores drives traffic into the main store, but experts say the move confuses customers and could hurt Macy's longer-term results.