On Thursday, shares of department store giant Macy’s Inc. (M - Free Report) are rallying, up almost 5% in morning trading after the company announced that Chief Executive Terry Lundgren will step down from his position next year. Lundgren has held the CEO role since 2003.
Macy’s President Jeff Gennette will assume the role of CEO, which is a move that the company said was part of its succession plan. Mr. Lundgren will remain as chairman.
The department store bellwether has struggled in recent years to adapt to changing consumer demand and shopping style. In May, Macy’s posted terrible quarterly results—its worst since the recession—igniting new worries about the U.S. retail industry as a whole.
“While our company is larger, stronger, and more resourceful than we were 13 years ago, now is the time to reset our business model to thrive in a future that is being driven by rapid evolution in consumer preferences and shopping habits,” Mr. Lundgren said in a statement.
Under the helm of Mr. Lundgren, Macy’s doubled its annual sales to roughly $28 billion, and became a household name after acquiring chief rival May Department Stores Co. in 2005. The company now operates 870 stores under its namesake brand as well as Bloomingdale’s.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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On Thursday, shares of department store giant Macy’s Inc. (M - Free Report) are rallying, up almost 5% in morning trading after the company announced that Chief Executive Terry Lundgren will step down from his position next year. Lundgren has held the CEO role since 2003.
Macy’s President Jeff Gennette will assume the role of CEO, which is a move that the company said was part of its succession plan. Mr. Lundgren will remain as chairman.
The department store bellwether has struggled in recent years to adapt to changing consumer demand and shopping style. In May, Macy’s posted terrible quarterly results—its worst since the recession—igniting new worries about the U.S. retail industry as a whole.
“While our company is larger, stronger, and more resourceful than we were 13 years ago, now is the time to reset our business model to thrive in a future that is being driven by rapid evolution in consumer preferences and shopping habits,” Mr. Lundgren said in a statement.
Under the helm of Mr. Lundgren, Macy’s doubled its annual sales to roughly $28 billion, and became a household name after acquiring chief rival May Department Stores Co. in 2005. The company now operates 870 stores under its namesake brand as well as Bloomingdale’s.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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