77
Fashion Jobs
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CLINIQUE
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LA MER
Consumer Marketing Executive, LA Mer
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Consumer Marketing Manager Tom Ford
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L'OREAL GROUP
Beauty Advisor
Permanent · THESSALONIKI
L'OREAL GROUP
Nyx pm Beauty Advisor (Attiki)
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H&M
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ESTÉE LAUDER COMPANIES
Fixed Assets & Decorations Supervisor
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Accounting
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Category Specialist
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Σύμβουλος Πωλήσεων (Mare West) - Μερική Απασχόληση
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Σύμβουλος Πωλήσεων - Μερική Απασχόληση
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H&M
Hiring Day Chania - Sales Advisors
Permanent · CHANIA
MAD LORDS
Sales Assistant Scorpios Mykonos
Fixed-term · MYKONOS
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · MAROUSI
FOOT LOCKER
Συνεργάτης Πωλήσεων
Permanent · ATHENS
H&M
Σύμβουλος Πωλήσεων (Metro Mall) - Μερική Απασχόληση
Permanent · AGIOS DIMITRIOS
H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
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H&M
Σύμβουλος Πωλήσεων - Μερική Απασχόληση
Permanent · NEA IONIA
GUESS
Sales Advisor (Greece)
Permanent · ATHENS
By
Reuters API
Published
Feb 26, 2019
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Macy's new restructuring to cut 100 senior positions, save $100 million annually

By
Reuters API
Published
Feb 26, 2019

Macy’s Inc said on Tuesday it would cut 100 senior management positions as the department store operator seeks to cut costs and improve profitability after reporting bleak holiday sales.


Macy's



The company said it expects the move to yield annual savings of $100 million, starting fiscal 2019.

“The steps... will allow us to move faster, reduce costs and be more responsive to changing customer expectations ... These actions impact colleagues who have made strong contributions to the company over the years,” Chief Executive Officer Jeff Gennette said.

The company said it plans to improve productivity by introducing initiatives to grow margin through efficient management of its inventories and supply chain, while investing in categories where the company already has strong market share such as dresses, fine jewelry, men’s tailored, women’s shoes and beauty.

The streamlining of its senior management would involve eliminating about 100 vice president or higher-level positions.

The company now forecasts adjusted profits for fiscal 2019 between $3.05 to $3.25 per share, below analysts estimates of $3.29.

Macy’s also reported a smaller-than-expected 0.7 percent rise in holiday quarter same-store sales on Tuesday, which were also below the company’s own expectations.

The restructuring efforts comes a month after Macy’s tempered expectations for the holiday season by slashing its fiscal 2018 revenue and profit forecast on weak demand for women’s sportswear, seasonal sleepwear, fashion jewelry, fashion watches and cosmetics.

On Tuesday, Macy’s posted better-than-expected adjusted profit during the fourth quarter. Shares of the company were trading up about 2 percent at $24.88 in morning trading.

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