NEW YORK - Macy's, Inc. (NYSE: NYSE:M) has announced the appointment of Keith Credendino as the new Chief Information Officer (CIO), effective August 4, 2024. Credendino, who currently holds the position of Senior Vice President of Technology Product Development, Customer Experience, is set to take over from the retiring Laura Miller.
Miller, who joined Macy's in 2021, has been credited with building a robust technology leadership team and advancing the company's digital and operational systems. Her efforts have notably enhanced customer and colleague experiences across the company's omnichannel platforms. Miller's retirement is scheduled for August 3, 2024, after which Credendino will join Macy's Corporate Strategy Group.
Credendino's previous contributions since joining Macy's in 2022 include improving in-store and online customer experiences at Macy's and Bloomingdale's, launching digital marketplaces, and spearheading the modernization of checkout processes. His extensive background in digital technology and data management was established through senior roles at Inspire Brands, The Home Depot (NYSE:HD), InterContinental Hotels Group, and Cox Enterprises.
Adrian V. Mitchell, Macy's COO and CFO, expressed confidence in Credendino's leadership abilities to further Macy's ongoing growth strategy, 'A Bold New Chapter.' The company anticipates that Credendino's experience will continue to drive the transformation towards a more data-driven organization, focusing on system modernization and efficiency improvements.
Credendino's academic credentials include a Bachelor of Business Administration in Management Information Systems from the University of Georgia and an MBA from Georgia State University. He will remain based at the Macy's Technology campus in Johns Creek, GA.
In other recent news, investment firms Arkhouse Management and Brigade Capital Management have increased their takeover offer for Macy's to approximately $6.9 billion. This move reflects their continued interest in acquiring the iconic retailer. Meanwhile, analyst firms have offered mixed views on the company's financial outlook. TD Cowen raised its price target for Macy's shares to $21.00, while UBS maintained its Sell rating with a steady price target of $10.00. JPMorgan (NYSE:JPM), on the other hand, increased its price target to $27.00, maintaining an Overweight rating.
In financial updates, Macy's reported resilient Q1 results, with net sales of $4.8 billion and an adjusted EPS of $0.27, surpassing its forecast. The company also raised its EPS guidance for fiscal year 2024 to a range of $2.55 to $2.90, an increase of 3% at the midpoint. However, the gross margin forecast for the fiscal year was adjusted downward, reflecting a more conservative expectation for profit margins.
These developments underscore the ongoing strategic efforts and financial performance of Macy's in the face of a challenging retail environment. As the company continues to adapt and grow, the broader market awaits the response to the revised takeover offer and the impact of these recent developments on Macy's future operations.
InvestingPro Insights
As Macy's, Inc. (NYSE: M) welcomes Keith Credendino as the new CIO, the company's financial outlook remains a key interest for investors. According to InvestingPro, Macy's is currently trading at a high earnings multiple with a P/E ratio of 429.09, indicating investor confidence in the company's future profitability. This aligns with an InvestingPro Tip that analysts predict Macy's will be profitable this year, bolstered by an expected growth in net income.
InvestingPro Data also reveals that Macy's holds a significant place in the Broadline Retail industry, with a market capitalization of 5230M USD. The company has demonstrated its commitment to shareholders by maintaining dividend payments for 22 consecutive years, offering a dividend yield of 3.67% as of the last dividend ex-date on June 14, 2024. Moreover, the company's gross profit margin stands at a healthy 40.48% for the last twelve months as of Q1 2025, showcasing its operational efficiency.
With seven analysts having revised their earnings upwards for the upcoming period, Macy's appears to be on a positive trajectory. For those interested in deeper financial analysis and additional insights, there are currently 7 more InvestingPro Tips available. To explore these further and to make the most informed investment decisions, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.