CFO Adrian Mitchell discusses Macy's advancements, opportunities and challenges in a wide-ranging presentation at the JP Morgan Chase Annual Retail Roundup.
• Developing new categories of business through marketplace formats in the second half of 2022. Marketplace creates “a whole new ecosystem and a whole new capability for us,” Mitchell said.
He also said 2022 will be, for Macy’s, a year of elevated SG&A largely due to investing in talent for developing the online marketplace formats for the Macy’s and Bloomingdale’s divisions; wage increases with most of supply chain and store workers moving up to a $15 an hour minimum wage, and automating the supply chain. In addition, Macy’s will be offering shareholders a “modest but growing dividend over time.
He characterized 2022 as being “a year of events” marked by an “unprecedented” number of weddings scheduled that in combination with consumers traveling more and attending other social events, bode well for several of the merchandise categories sold at Macy’s Inc. However, with international tourism, which typically represented 3 to 4 percent of Macy’s pre-pandemic sales, “We don’t expect additional momentum in 2022. Again, there’s just so much uncertainty that’s out there.”
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