Perhaps the leadership did not expect it, but I think as soon as ISM was rolled out, the company began to sink even faster. Many of my colleagues left precisely because of ISM.
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The CXC’s were never used properly. They were formerly called Platinum Stars. All they were used for was floor coverage to ring and do go backs. They were never ‘selling in the moment’
That consulting firm may have given guidance and supported the pilot with their own research, but the DVPs that rolled out the pilot were the architects and Marc M approved it. It hasn’t worked, they know it hasn’t worked - They own it, let’s not blame McKinsey. That was a waste of money.
FYI, Macy’s did not invent ISM. There’s a consulting firm called McKinsey that provided services.
ISM sucks. It still sucks but it saving them money and that's all they care about. Let's forget the floor are a mess,customers complaining about stock levels and the look of the stores I hear it everyday. Either we're a department store or a warehouse which one is it. At this point who knows. Im no longer proud to work for this company. The idea people have run out of good ones now its just floating stupidity and we're left to mire in the cr-p of their bad choices. Inventory numbers are going to be brutal hold on folks for some more brilliant ideas from Jeff and the boys!!!
JG is so fake it’s nauseating! He needs to go and so does Chief Stores Officer who is ultimately responsible for the mess in stores. They should also really start looking more closely at Store Managers who don’t know how to properly run their stores. If it’s broken, fix it. Pulse Survey is coming up and I hope people are honest when answering this time around. So that they can truly know how people feel.
Our teams executed well during a competitive holiday season. In an environment when discretionary spending was under pressure, we operated with precision and agility,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.
This quote from Jeffrey proves that the executive suites of Macy’s don’t have a clue as to what is happening daily in the stores. Precision and agility? Lmao!
I want some of what Jeffrey is smoking.
NEW YORK--(BUSINESS WIRE)-- Macy’s, Inc. (NYSE: M) today announced updates to its fiscal fourth quarter sales and adjusted EPS guidance provided on its November 17, 2022 earnings call. Net sales are now expected to be at the low-end to mid-point of the previously issued range of $8,161 to $8,401 million while adjusted diluted earnings per share are expected to be in the previously issued range of $1.47 to $1.67. On a percentage basis, total end-of-quarter inventories are on track to be slightly below last year and down mid-teens relative to 2019.
“Our teams executed well during a competitive holiday season. In an environment when discretionary spending was under pressure, we operated with precision and agility,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Black Friday/Cyber Monday sales were in line with our expectations, while the week leading up to and following Christmas were ahead. However, the lulls of the non-peak holiday weeks were deeper than anticipated. Overall, our occasion apparel and gift-giving business were strengths and inventory composition and price points aligned with customers' needs. Throughout the season, Bloomingdale’s and Bluemercury continued to outperform. Across nameplates, we stayed close to our customer, utilizing data and analytics tools to respond to shifts in demand. This has contributed to clean inventories and an expected gross margin rate roughly in line with previously issued fourth quarter guidance.”
“Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly. We take a balanced approach to merchandise receipts and remain committed to offering fashion and value across nameplates and channels, with the capacity to adjust in-season buys and chase into areas of strength. As we look further ahead, the efficiencies we’ve built into our business coupled with our financial health, data-driven decision processes, and agile ways of working, allow us to operate from a position of strength while continuing to invest in our future,” Gennette continued.
Jeff Gennette, chairman and chief executive officer, Adrian Mitchell, chief financial officer, and Nata Dvir, Macy’s chief merchandising officer, will be participating in the 2023 ICR Conference in Orlando, FL. The company is scheduled to hold meetings beginning Sunday, January 8, 2023, and is scheduled to present at 9 a.m. ET on Monday, January 9, 2023. A live webcast of the event will be available on the investor relations section of the Macy’s, Inc. website at www.macysinc.com/investors. A recording of the webcast will be available on the same website for 90 days following the event.
The company expects to report full results for the fourth quarter and fiscal year 2022 in early March 2023.
It’s disappointing because nobody was ready to deal with ISM during the busiest, craziest time of the year, and on top of that, there were no resources or hours and poor pricing and strategic decisions made by central which put the stores in disarray. C-Suite let it happen. And now we’re here, suffering the consequences, drowning in mess and feeling like Macy’s has sucked the life out of us. I am hoping things change this year because more good people will continue to leave. The way we are going is not sustainable in the long term.