Macy’s Posts Loss on Weak Sales, Restructuring
Cincinnati Macy’s Inc. reported a $59 million first-quarter loss Wednesday because of lower sales and the costs of consolidation, which the company said should start paying off next year.
Losses in the three months ended March 31, are compared to a profit of $36 million in the same quarter a year ago. Revenue for the quarter totaled $5.75 billion, down from $5.92 billion a year ago. Same-store sales were down 2.6%.
Macy’s booked a $55 million after-tax charge for the restructuring. Macy’s also set aside $14 million after tax for a potential settlement of a wage-and-hour class-action lawsuit in California.
CFO Karen Hoguet told analysts in a conference call Wednesday that despite a decline same-store sales, Macy’s fared well in a difficult retail environment.
“This gives us comfort that the strategies we are executing are right, and that customers are responding well to our offerings,” Hoguet said.
Sales in the quarter were stronger in the Northeast and in Texas, she said, but weaker on the West Coast and in Florida. Womens’ apparel continued to be a tough category, while men’s products did better, according to Hoguet.
She said premium brands and Macy’s private brands are selling well.
Integrated Silicon Solution names cfo
SAN JOSE, Calif. Integrated Silicon Solution has announced the appointment of John Cobb to the position of cfo and vp of finance and administration effective May 12.
In Cobb’s most recent experience, he held the position of cfo and vp of finance and administration of power integrations, a San Jose, Calif.-based fabless analog semiconductor company, for five years.
Rocky Mountain Chocolate names new vps
DURANGO, Colo. Rocky Mountain Chocolate Factory has announced the appointment of two new officers to its management team. Donna Coupe has been hired as vp of franchise support at the company and Jeremy Kinney has been promoted to vp of finance.
Coupe has over 16 years prior experience with Rocky Mountain Chocolate Factory, during which time she served as retail store manager, field consultant and director of franchisee support.
Kinney has approximately nine years of experience with Rocky Mountain Chocolate Factory and has held a variety of operational and financial positions, including director of retail operations and operations analysis, and corporate controller.