Macy’s Plans to Hire 80,000 Employees for Holiday Season Rush
With the holiday season approaching, Macy’s, Inc. M is gearing up for the busiest part of the year. The company intends to hire approximately 80,000 seasonal workers for its Macy’s and Bloomingdale’s stores, distribution centers, call centers and online fulfillment centers across the country.
Around 23,500 people, up 5,500 from last year, will be hired for direct-to-consumer fulfillment facilities. Approximately 1,500 people will be hired for customer service centers and another 1,000 will be hired for Macy’s Thanksgiving Day parade and other major holiday events.
Holiday season is a crucial time for retailers as it accounts for a sizeable chunk of yearly revenues and profits. Retailers try to attract customers with early-hour store openings, huge discounts and promotional strategies. Clearly, gradual wage acceleration, steady job growth, improving consumer sentiment and sound economic fundamentals are working in tandem for the sector. Moreover, National Retail Federation’s projection of a tick-up in U.S. retail sales of at least 4.5% this year raises optimism.
Meanwhile, Macy’s focus on price, merchandising, private label brands, technology and omnichannel capabilities are commendable. Notably, these efforts aided the company to post impressive results in second-quarter fiscal 2018. Per management, upbeat performance across Macy’s, Bloomingdale’s and Bluemercury brands favorably impacted the quarterly results. Further, management raised its sales and earnings view for full year, courtesy of strategic efforts, solid execution and higher consumer spending environment.
In the past six months, shares of this Zacks Rank #3 (Hold) company have rallied 24.5% compared with the industry’s 8.5% growth. Also, the stock has a long-term earnings growth rate of 8.5% and a VGM Score of A.
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