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The company said it expected one-time costs of about $20 million
to $25 million mainly in the third quarter, and that it would
save about $30 million on a yearly basis. Macy's forecast
fourth-quarter savings of about 1 cent per share.
Macy's also named former eBay Inc <EBAY.O> executive Hal Lawton
as president, effective Sept. 8.
The restructuring will merge three units – merchandising,
planning and private brands – into one division, which will be
led by Chief Stores Officer Jeff Kantor.
Macy's said the changes would strengthen data analytics and how
it manages inventory and pricing.
The company, like several other department stores struggling to
cope with reduced customer traffic and competition from
e-commerce company Amazon.com Inc <AMZN.O>, has promised to
better control inventory levels that have been pressuring
margins.
"The changes we are making today maintain our core merchandising
skills while massively simplifying our structure and processes
for greater speed and flexibility," Chief Executive Jeff
Gennette said in a statement.
(Reporting by Roopal Verma in Bengaluru and Richa Naidu in
Chicago; Editing by Martina D'Couto and Matthew Lewis)
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