Macys has raised its full-year earnings per share guidance to $4.35-4.37

Macy's has raised its full-year earnings per share guidance to $4.35-4.37

Retail giant Macy's has announced a wholesale reshuffle of its executive team as part of plans to drive the company’s restructured omnichannel capabilities.

With effect from 31 January, Macy’s president Jeff Gennette has been given more focus on broader growth strategies for the retailer’s omnichannel businesses, overseeing merchandise planning as well as maintaining oversight responsibilities for merchandising and marketing of stores and digital, and private brand product development – but giving up his day-to-day role as chief merchandising officer.

Timothy Baxter, previously general merchandise manager for ready-to-wear, succeeds Gennette as chief merchandising officer.

Meanwhile, Molly Langenstein, previously EVP for men’s and kids’ private brands, is promoted to the role of Macy’s chief private brands officer, succeeding Tim Adams, who becomes chief for international business development.

Patti Ongman, previously EVP of omnichannel strategies, is appointed chief merchandise planning officer, replacing Julie Greiner, who retires later this year.

Martine Reardon continues as chief marketing officer, but now has responsbility for all Macy’s omnichannel market presence and strategy.

Macy’s chief stores officer, Peter Sachse, moves to a new role as chief for innovation and business development, overseeing Adams and Kent Anderson, previously president of macys.com, but now president for innovation.

Jeff Kantor, previously chairman of macys.com, is now Macy’s chief stores officer, and R B Harrison continues as chief omnichannel officer, taking responsibility for all of the company’s technology capabilities.

The department store retailer also revealed that it now expects 2014 full-year earnings per share to hit US$4.35-4.37, up from its previous guidance figure of $4.25-4.35, based on a comparable store sales rise of 2.5%, at the lower end of its previous guidance.

“We are very pleased with our fourth-quarter performance, which represents a strengthening trend from the third quarter and spring season,” said Terry Lundgren, chairman and CEO.