(Filed Under Financial and General Interest News). For the first quarter ended May 2nd, Macy’s, Inc. has reported a total sales drop to $5.199 billion from $5.747 billion in the prior year’s quarter.
Although Macy’s has suffered this 9.5 percent decrease from total sales, the company remains confident and expects to see an improvement in sales trend by next spring due in part to its My Macy’s initiative.
The expansion of My Macy’s was announced in February following a second announcement of a major structural change where all of Macy’s divisions became unified into one central location. The My Macy’s expansion, taking effect in the second quarter, will group all Macy’s stores nationwide into 69 geographic districts that will average at 10 to 12 stores each. Each district will have its own set of employees, primarily in district merchandising and planning, which will help central planning and buying executives to understand and act on the needs of local customers.
“We have entered the second quarter with our new organization in place and expect to benefit from approximately $400 million of annual expense savings beginning in 2010, and $250 million in the partial year of 2009,” said Terry Lundgren, the company’s chairman, president and CEO. “Meanwhile, we expect to see an improvement in sales trend from My Macy’s beginning in the fourth quarter of 2009 and especially in spring 2010.”see more
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