Macy’s Inc. (M), one of the leading department store retailers in the United States, recently announced its plan to hire approximately 78,000 temporary staff workers for the upcoming holiday season, during which the company expects incremental sales.
The recent announcement marks an increase of 4% from 75,000 temporary staff hired last year. The new workforce will supplement the operations at its stores, distribution and call centers, and online fulfillment centers.
Macy’s, which engages approximately 170,000 associates on a year-round basis, added that it has begun the hiring process for sales support positions. Further, it will start accepting applications for other seasonal positions at Macy’s and Bloomingdale’s in the coming week.
Macy’s constant focus on price optimization, inventory management, merchandise planning and private label offering position it to drive traffic, meet customer-oriented demand and improve the in-store shopping experience.
We remain optimistic about the company’s customer-centric localization initiative called ‘My Macy’s.’ The program aims at improving comparable-store sales and reducing operating expenses, with stores and merchandise assortments focusing on local customer needs and preferences.
Earlier, Macy’s posted better-than-expected sales results for the four-week period ended August 27, 2011, despite the closing of 100 stores due to Hurricane Irene, which lowered comparable-store sales by 1.5%.
Cincinnati, Ohio-based Macy’s stated that comparable-store sales for August 2011 rose 5%, same as the previous month and up 70 basis points from the prior-year period. Total sales for the month under review grew 4.9% to $1,716 million from $1,636 million in the same month last year.
Online sales, including sales from macys.com and bloomingdales.com, continued to witness growth momentum in August, soaring 35.5%.
Macy’s department stores sell a wide range of merchandise. Its products include men’s, women’s, and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods.
Macy’s, which competes with J. C. Penney Company Inc. (JCP), currently operates approximately 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico.
Currently, we have a long-term Outperform rating on the stock. Moreover, Macy’s holds a Zacks #2 Rank, which translates into a short-term Buy rating.
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