MACY’S CEO Tony Spring has warned of economic ‘uncertainties’ facing both company and the consumer amid ongoing inflationary pressures and changing political forces.
The comments come after the iconic brand shuttered 160 “underperforming” locations under its Bold New Strategy deployed to help put it on more stable financial footing.
In an earnings call on Thursday morning, Spring said the company was taking a “cautious” approach to the year ahead but insisted he was “optimistic” about its strategy.
Spring said Macy’s remained a “place of escapism” and a way to “get away from the political noise” but acknowledged sales had been impacted as consumers continue to feel the pinch of high car prices, mortgages and grocery bills.
“I don’t think the consumer is going to feel any relief any time soon,” Spring said.
Explaining the store shut down, Spring said some locations were “no longer serving” the Macy’s customer and allowed the brand to funnel more investment into stronger spots.
The warnings of tough economic times ahead come after multiple major CEOs expressed concern for price hikes following President Donald Trump’s tariffs.
Earlier this week, both Target CEO Brian Cornell and Best Buy CEO Corie Barry said consumers should expect price increases following Trump’s trade sanctions on China, Canada and Mexico.
This month, Walmart CEO Doug McMillon said he was confident the retailer could manage the tariffs but signaled general fear over economic uncertainty this year.
More to follow… For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos.
Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
Read More Details
Finally We wish PressBee provided you with enough information of ( Macy’s CEO issues stern warning about ‘uncertainties’ after store was forced to close 160 locations )
Also on site :
- Mounting casualties: Russia and Ukraine exchange fire amid prisoner swap
- NYT Connections Sports Edition Today: Hints and Answers for May 25
- Cannes film festival impacted after major power cut hits southern France