| 2018-11-14 09:54:15|
M 09:54 11/14 11/14/18
Macy's to roll out Growth50 to 100 additional stores in 2019
CFO Paula Price says saw strong performance in men's, children's, women's and fine jewelry, offsetting underperformance in fashion watches, women's sportswear. Says new loyalty program is delivering a more engaged customer. Says continues to expect inventory to be down at end of the fiscal year. Says remains committed to using cash to reduce debt. Says credit card revenue is now expected to be $740M to $755M. Says "confident" in Q4 plans. CEO Gennette says segmentation strategy is related to customer behavior. Says bucketed stores into three segments: flagship stores, magnet stores, neighborhood stores. Says customers come to magnet stores for expanded selection. Says mostly includes Growth50 stores. Says Growth50 will be rolled out to 100 additional stores in 2019. Says testing to scale neighborhood stores.