Latest news with #Bloomingdales
Globe and Mail
28-05-2025
- Business
- Globe and Mail
Macy's profit and sales slip and it cuts profit forecast for 2025, but tops Q1 expectations
NEW YORK (AP) — Macy's sales and profit slipped in its first quarter and the department store, citing more cautious customers and the impact that the U.S. trade war will have on the company and its shoppers, trimmed its profit forecast for 2025. However, the New York retailer which also owns upscale Bloomingdale's and the Bluemercury cosmetics chain, topped most performance expectations for the first three months of the year and maintained its sales forecast for the year. Shares rose more than 4% before the market opened Wednesday. Macy's sales dropped to $4.79 billion from $5 billion a year earlier, better than the $4.42 billion that analysts polled by FactSet expected. Comparable sales, which include online channels, dipped 2%. Bloomingdale's and Bluemercury both saw comparable sales growth. Neil Saunders, managing director of GlobalData, noted Bloomingdale's 3% comparable sales growth. 'Good execution from Bloomingdale's and its balanced assortment of luxury and prestige products has served it well,' he said. 'This is especially so compared to chains that play much more exclusively in the very high-price arena, which have lost customers and seen an erosion of spending.' 'Our first quarter results give us confidence that we have the right strategy and team in place to navigate the current environment while we continue to invest in our customer on the path to returning Macy's, Inc. to sustainable profitable growth,' Chairman and CEO Tony Spring said in a statement on Wednesday. For the period ended May 3, Macy's earned $38 million, or 13 cents per share. That compares with $62 million, or 22 cents per share, a year ago. Stripping out certain items, earnings were 16 cents per share, which topped Wall Street's estimate by a penny. The company still anticipates 2025 sales in a range of $21 billion to $21.4 billion. It now expects full-year adjusted earnings between $1.60 and $2 per share. Its prior forecast was for an adjusted profit of $2.05 to $2.25 per share. Industry analysts had been projecting full-year sales of $21.03 billion and an adjusted per-share profit of $1.91. Macy's and other retailers are wrestling with uncertainty about tariffs that's making it hard to plan, while contending with customers who seem to have the same issues and are pulling back on spending. Teen retailer American Eagle Outfitters withdrew its financial outlook for the year earlier this month citing 'macro uncertainty' and said it would write down $75 million in spring and summer merchandise. Ross Stores did the same last week. Walmart, the nation's largest retailer, got a public scolding from President Donald Trump after it said this month that it has already raised prices on some items and would have to do so again right when the back-to-school shopping season kicks off. Trump told the retail giant that it should 'eat' the additional costs created by his tariffs. Target Corp. announced last week that sales fell more than expected in the first quarter, and the retailer warned they will slip for all of 2025 as its customers, worried over the impact of tariffs and the economy, pull back on spending. The company said that it should be able to offset the majority of the impacts from tariffs. Trump's threatened 145% import taxes on Chinese goods were reduced to 30% in a deal announced May 12, with some of the higher tariffs on pause for 90 days. Trump on Friday threatened a 50% tax on all imports from the European Union as well as a 25% tariff on smartphones unless those products are made in America. But then on Sunday, Trump said that the U.S. will delay implementation of a 50% tariff on goods from the EU from June 1 until July 9 to buy time for negotiations with the bloc. Macy's executives emphasized in March during the last earnings call that the company is facing lots of unpredictability given ever-changing tariff policies. But the company is focusing on what it can control and zeroing in on improving its merchandise and services. Company executives told analysts on the earnings call in March that Macy's has been working with its suppliers to increase variety and reduce redundant styles, while adding more exclusive offerings. It's also focusing on improving its store label brand.
Forbes
12-05-2025
- Entertainment
- Forbes
Faherty And Bloomingdale's Team Up To Bring Coastal Cool To Midtown
Over the weekend, Bloomingdale's 59th Street flagship started to look and feel a little more like Spring Lake, New Jersey, thanks to a new collaboration with Faherty, the family-founded lifestyle brand known for its laid-back, surf-inspired aesthetic. In an innovative twist that blurs the lines between retail, hospitality, and experience, Faherty is taking over the department store's in-house restaurant space—Flip—to launch its first-ever Sun and Waves restaurant pop-up in New York City. The partnership, which runs through June, is timed to coincide with Father's Day and the start of summer. 'At Bloomingdale's, we're always striving to dream big—and few brands reflect that spirit better than Faherty,' said David Thielebeule, Fashion Director at Bloomingdale's. 'As we looked to enhance our in-store experience for Father's Day, partnering with a brand known for bold ideas and effortless, beach-inspired style felt like a natural fit. After all, who doesn't love the beach? Bringing Alex and Mike's signature blend of relaxed sophistication and excellent vibes into our stores was an easy decision. I cannot wait for our customers to experience the results." For Faherty, this moment represents more than just a creative partnership—it's an extension of a vision the brand has been building since its earliest days. "This is a major milestone for us—our first-ever window takeover at Bloomingdale's 59th Street, one of the most iconic shopping destinations in the world, along with a Sun and Waves pop-up inside Flip. We're thrilled to share the full Faherty experience—style, spirit, and flavor—right in the heart of New York City,' shared Alex Faherty, cofounder and CEO. The company's first venture into the physical space was a Mobile Beach House back in 2013. It's a traveling mobile store that still exists today. That beach house-on-wheels is hitting the road again this summer, with upcoming stops planned for White Plains (May 31) and Huntington, NY (June 7). But this time, it's accompanied by a broader concept that includes immersive dining and lifestyle touchpoints. The Bloomingdale's takeover is a natural next step for a brand that has steadily grown from a two-person vision to a national retail presence with 78 stores across the U.S. Though Faherty started as an online and wholesale business, the founders always believed in the power of physical retail. "We opened our first store in New York's Greenwich Village by moving our office there. We had a little store on the front. There was not a lot of traffic down that street, but it was a great way for us to get product feedback,' Faherty said. The brand then opened in Malibu, a dream they had always had since visiting California as kids. Even during the uncertainty of the early pandemic, Faherty succeeded due to some unique locations. The brand had stores in Sag Harbor, Jersey Shore, Nantucket, and Martha's Vineyard. When people were finally allowed to go back to shopping, the business in those towns was positive. This made the brand confident about continuing to look at retail and began opening more stores shortly after. Combining shopping and dining began to take shape when Faherty and his wife moved back to Spring Lake and found themselves missing Brooklyn's all-day cafes and health-forward eateries. 'We took over this old bank in town, totally gutted it, and transformed it into this really cool hangout spot,' he said. It's been open since last fall and is now a town staple. The NYC pop-up version of Sun and Waves brings that coastal vibe to the city with special decor, a refreshed menu (think Bondi avocado toast and Spring Lake tuna salad), and an exclusive apparel capsule collection designed as summer mementos. There's also a two-month window display on Third Avenue celebrating the partnership. Today, about 40% of Faherty's business comes from retail, with the rest split between e-commerce and wholesale. The brand's largest wholesale partner is Nordstrom, but it also works with a vast network of specialty stores. "In the first few years, the majority of the sales were in the wholesale channel, so we had that benefit of learning a lot from that initially," Faherty said. As it opens eight more stores in 2025, including locations in La Jolla, Boulder, and downtown Nashville, the company is also thinking more holistically about how to turn its retail spaces into destinations. Every store is designed to reflect the local community, blending reclaimed materials and a beach house sensibility with nods to regional architecture and culture. 'We never want the stores to feel cookie-cutter,' he said. 'It's all about creating a place people want to hang out.' That philosophy extends to the people, too. 'We think of ourselves as a hospitality business, Faherty shared. 'We're running a business, so it's important that we hit our metrics, but at the same time, it's just as important that the customer leaves saying, I just had a great experience.' Faherty is also investing in sustainable innovation. One recent product highlight is its new line of T-shirts made from regenerative organic cotton sourced from farms in Peru. Unlike traditional cotton, the regenerative approach uses rainwater and intercropping techniques that are significantly better for the environment. While the move into hospitality may seem like a departure, it fits perfectly within the brand's broader ambition to create an ecosystem around its lifestyle. With the Bloomingdale's activation, Faherty is doing just that—meeting customers where they are and inviting them to linger a little longer.
Daily Mail
07-05-2025
- Business
- Daily Mail
Macy's opening new store amid closures
Macy's has unveiled plans for a surprising new location amid a dramatic spree of closures. The new store will open in the Midway Crossings mall west of Miami, the mall's property management company revealed. It is a surprising choice for the struggling retailer which has previously expressed plans to move away from malls and invest further in to its luxury Bloomingdale's brand. The 55-year-old Florida mall is located off the busy Palmetto Expressway. The new Macy's store will be housed alongside brands such as Marshall's, Costco and Five Below. A representative for the mall's property management company Sterling Organization confirmed the upcoming Macy's opening to the Miami Herald. Although a lease is in place, the location does not yet have an opening date, the outlet reported. 'We're not able to comment on any specific plans at this time,' Macy's said in a separate statement. According to Sterling Organization's plans, the new Macy's will be around 31,000 square feet, making it one of the larger stores in the mall. The shopping center was first opened in 1970 as 'Midway Mall,' and was established to serve the rural community living around six miles away from Dadeland, according to the Herald. By 2026, there will be just 350 Macy's stores, the 166-year-old company announced in February 2024. 'We are closing underproductive Macy's stores to allow us to focus our resources in our go–forward stores,' Tony Spring, chairman and chief executive officer of Macy's said at the time. As well as revamping remaining stores, Macy's also plans to expand its footprint with 15 new Bloomingdale's and 30 new Bluemercury locations. The major turnaround comes as the department store tries to win back shoppers, amid growing pressure from online rivals. It is also trying to cut costs by culling stores in malls and downtown districts which experts say have been 'left to rot.' 'The plans are about correcting what has gone wrong at Macy's, and the biggest things that have gone wrong at Macy's are the quality of the stores and the product assortment, Neil Saunders, an analyst at Global Data Retail, previously told 'And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.' The company is closing down stores that are not working and investing in the locations that it wants to keep, he added, in order to put the business on a much better footing. 'But of course, turning around something that has been left to rot for many years isn't easy, it isn't cheap, and it isn't quick,' Saunders said. 'So the plan sounds sensible, but now it comes down to how effectively Macy's can execute it.'
Daily Mail
07-05-2025
- Business
- Daily Mail
Macy's is opening a new store in a surprising location amid hundreds of closures
Macy's has unveiled plans for a surprising new location amid a dramatic spree of closures. The new store will open in the Midway Crossings mall west of Miami, the mall's property management company revealed. It is a surprising choice for the struggling retailer which has previously expressed plans to move away from malls and invest further in to its luxury Bloomingdale's brand. The 55-year-old Florida mall is located off the busy Palmetto Expressway. The new Macy's store will be housed alongside brands such as Marshall's, Costco and Five Below. A representative for the mall's property management company Sterling Organization confirmed the upcoming Macy's opening to the Miami Herald. Although a lease is in place, the location does not yet have an opening date, the outlet reported. 'We're not able to comment on any specific plans at this time,' Macy's said in a separate statement. According to Sterling Organization's plans, the new Macy's will be around 31,000 square feet, making it one of the larger stores in the mall. The shopping center was first opened in 1970 as 'Midway Mall,' and was established to serve the rural community living around six miles away from Dadeland, according to the Herald. After several incarnations it was renamed Midway Crossing in 2022 as part of a revitalization campaign. Macy's is currently in the process of closing 66 stores across 23 states by the end of the year. Among the closures was its enormous location inside Sunrise Mall in Massapequa, Long Island, which had been there for more than 50 years. The Macy's at Center City in Philadelphia was also closed for good in March. By 2026, there will be just 350 Macy's stores, the 166-year-old company announced in February 2024. 'We are closing underproductive Macy's stores to allow us to focus our resources in our go–forward stores,' Tony Spring, chairman and chief executive officer of Macy's said at the time. As well as revamping remaining stores, Macy's also plans to expand its footprint with 15 new Bloomingdale's and 30 new Bluemercury locations. The major turnaround comes as the department store tries to win back shoppers, amid growing pressure from online rivals. It is also trying to cut costs by culling stores in malls and downtown districts which experts say have been 'left to rot.' 'The plans are about correcting what has gone wrong at Macy's, and the biggest things that have gone wrong at Macy's are the quality of the stores and the product assortment, Neil Saunders, an analyst at Global Data Retail, previously told 'And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.' The company is closing down stores that are not working and investing in the locations that it wants to keep, he added, in order to put the business on a much better footing. 'But of course, turning around something that has been left to rot for many years isn't easy, it isn't cheap, and it isn't quick,' Saunders said.
Yahoo
05-04-2025
- Yahoo
Shoplifters grab $6K in clothes from NYC Bloomingdales, threaten staff with Taser
A two-man team of shoplifters swiped more than $6,500 in clothes from Bloomingdales in Midtown Manhattan, threatening workers with a sparking Taser as they fled the scene, police said Saturday. Cops released surveillance images of the two suspects — one recorded holding the Taser — on Saturday and asked the public for help in identifying them. The duo, both wearing sunglasses, entered the Bloomingdales on Third Ave. and 59th St. in Midtown at about 1:15 p.m. on March 6 and began taking clothes off the rack. The thieves had collected $6,540 worth of items and were about to leave without paying when store employees tried to stop them from escaping. As they headed to the door, one of the men pulled out a Taser and hit the trigger, causing it to spark, employees told police. They threatened to jolt the workers as they fled the store with their loot. No injuries were reported. Police recovered surveillance images of the two men, who both wore hooded jackets. Anyone with information regarding their whereabouts is urged to call NYPD Crime Stoppers at (800) 577-TIPS. All calls will be kept confidential.
