Macy’s Inc said on Thursday it aimed to save $400 million to $550 million annually in the next two to four years, as the department store chain cuts back on discounts, sending its shares up 5% in mid-day trading.
The 160-year-old company, which has been spending heavily on remodeling its stores and building off-price and online businesses, has relied on discounting to clear inventory, a move that has hurt its earnings. . . . more