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Macys announced in its fourth-quarter and fiscal-year 2024 earnings report on Thursday that it expects another year of declining sales as the department store chain continues reshaping its footprint to focus on better-performing locations. The retailer projected fiscal 2025 sales between $21 billion and $21.4 billion, down from $22.3 billion last yearclosely aligning with analyst expectations of $21.34 billion, according to the Wall Street Journal. Macys net sales in the latest quarter fell 4.3% to $7.8 billion. Across the companys brandsMacys, Bloomingdales, and Bluemercurycomparable sales in the fourth quarter declined 1.1%. However, in owned and licensed businesses as well as its online marketplace, comparable sales inched up 0.2%, the highest increase since early 2022. For the full year, comparable sales were expected to decline between 0.5% and 2% year-over-year, with adjusted earnings projected between $2.05 and $2.25 per share. Analysts polled by FactSet had anticipated slight comparable sales growth and earnings of $2.29 per share, the Wall Street Journal reported. Closing stores, selling assets Despite the mixed results, Macys said it saw progress with its Bold New Chapter strategy. The company previously announced plans to shutter 150 stores by the end of fiscal 2026 (January 31, 2027), leaving it with 350 locations. These remaining stores are Macys go-forward locations, in which the retailer said it would be prioritizing investment. As part of this plan, Macy’s said it closed 64 stores in fiscal 2024, which it described as “non-go-forward” locations. The closures helped Macy’s bring in more money from real estate. For fiscal 2024, Macys made $144 million in “asset sale gains,” more than double the figure from last year, when asset sale gains were $61 million. The company noted in the earnings report that removing non-go-forward Macys locations contributed to current year asset sale gains. Additionally, Macy’s delivered an update on its First 50 locations strategy. As outlined in a company earnings presentation, the strategy involved selecting the top 50 performing stores across its network to implement new retail initiatives. Its goal was to improve staffing, product displays, and customer experience enhancements. So far, these stores have performed better than the bulk of the chain. Macys First 50 locations delivered a fourth consecutive quarter of comparable sales growth, up 0.8% on an owned basis and up 1.2% on an owned-plus-licensed basis, the company said. As we enter the second year of our strategy, we plan to scale initiatives that are resonating with our customers to drive long-term profitable growth and further unlock shareholder value, said Tony Spring in Thursday’s earnings report. Macy’s stock (NYSE: M) was flat at about $13.28 in midday trading.
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E-Commerce
The trade association representing Americas largest gig companies is backing President Trumps nominees to lead the Department of Laboran endorsement that could shape the future of worker classification in the gig economy. Flex, the lobbying group founded in 2022 by names including Uber, Lyft, and DoorDash, said Wednesday its in favor of Lori Chavez-DeRemer to lead the department and for Keith Sonderling to serve as deputy secretary. The Department of Labor has a key role in helping build a future-forward, modern economy, Flex CEO Kristin Sharp said in a press release. That includes supporting app-based independent work, which benefits millions of earners, consumers, and communities . . . Once confirmed, we look forward to working with these leaders to advance policies that continue the innovation and economic opportunities of the app-based platform industry. Spokespeople for Uber, Lyft, and DoorDash did not respond to Fast Company‘s requests for comment on the nominations and Flex’s support. Instacart pointed to the Flex statement. Gig companies, at their core, rely on models that classify the workers who ferry people and goods at the click of a button as independent contractors rather than traditional employees. This allows them to keep costs low and aids them in their missions to turn profits, ultimately pleasing shareholders. If gig companies were forced to classify their workers as employees, labor costs would dramatically rise. A Trump-led Labor Department could also roll back workplace protections on wages, overtime, and collective bargaining rights. Policies around independent contractors often intersect with broader labor issues, such as whether gig workers qualify for benefits like health insurance or minimum wage protectionskey points of contention between businesses and labor advocates. Still, certain lawmakers and advocacy groups are arguing that this new way of work deserves to have the same protections and classifications as full-time employees. Most of the efforts so far have fallen to cities and local governments. But the Trump administration’s picks could take a federal stance to update what it means to classify independent contractors. A more business-friendly stance at the federal level could embolden gig companies in ongoing legal battles and policy debates across states. “It’s almost highly likely that the Trump DoL will make it easier for companies to classify (many would say, ‘misclassify’) gig workers as independent contractors, and far harder for gig workers to get employee status,” John Logan, director of labor and employment studies at San Francisco State University, says in an email to Fast Company. “Of course, the Labor Department is only one player here, albeit an important one: the ‘pro-business’ position of the Labor Department will also be used by platform companies in ongoing litigation at the state level and unions and companies will continue to fight this out in the courts and through state politics.” Chavez-DeRemer, who served one term as congresswoman in Ohio, was widely seen as a pro-worker pick. During her time in office, she seemed to support the PRO (Protecting the Right to Organize) Act, which was extremely important to labor unions and could alter independent contractor classifications, and was endorsed by the Teamsters Union. However, Chavez-DeRemer appeared to have reassured Republicans during a Republican-led Senate committee confirmation hearing last month. She told members she was in full support of Trump’s agenda and walked back support of the PRO Act. “If confirmed, my job will be to implement President Trumps policy division, and my guiding principle will be President Trumps guiding principle,” she said. Sonderling’s position as deputy secretary, meantime, “is intended to reassure members of the business community, and groups that are hostile to organized labor,” Logan says. Sonderling served under Trump in the Department of Labor in the past and as a Republican commissioner on the Equal Employment Opportunity Commission. In 2019, Sonderling issued an opinion letter that essentially said an unidentified company, whose workers appeared to clean residences, were contractors, not employees. Many argued that the move signaled the Trump administration’s broader approach to gig companies. “On the issue of gig workers, unions have consistently argued that workers should be classify as employees and not independent contractors; that they should be covered by the NLRA and other federal labor and employment laws and have the right to unionize and bargain collectively,” Logan says. “I do not expect they will have much joy on this issue under the Trump administration, even with Chavez-DeRemer as Labor Secretary.”
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E-Commerce
What if extreme heat not only leaves you feeling exhausted but actually makes you age faster? Scientists already know that extreme heat increases the risk of heat stroke, cardiovascular disease, kidney dysfunction and even death. I see these effects often in my work as a researcher studying how environmental stressors influence the aging process. But until now, little research has explored how heat affects biological aging: the gradual deterioration of cells and tissues that increases the risk of age-related diseases. New research my team and I published in the journal Science Advances suggests that long-term exposure to extreme heat may speed up biological aging at the molecular level, raising concerns about the long-term health risks posed by a warming climate. Extreme heats hidden toll on the body My colleagues and I examined blood samples from over 3,600 older adults across the United States. We measured their biological age using epigenetic clocks, which capture DNA modification patterns methylation that change with age. DNA methylation refers to chemical modifications to DNA that act like switches to turn genes on and off. Environmental factors can influence these switches and change how genes function, affecting aging and disease risk over time. Measuring these changes through epigenetic clocks can strongly predict age-related disease risk and lifespan. Research in animal models has shown that extreme heat can trigger whats known as a maladaptive epigenetic memory, or lasting changes in DNA methylation patterns. Studies indicate that a single episode of extreme heat stress can cause long-term shifts in DNA methylation across different tissue types in mice. To test the effects of heat stress on people, we linked epigenetic clock data to climate records to assess whether people living in hotter environments exhibited faster biological aging. We found that older adults residing in areas with frequent very hot days showed significantly faster epigenetic aging compared with those living in cooler regions. For example, participants living in locations with at least 140 extreme heat days per year classified as days when the heat index exceeded 90 degrees Fahrenheit (32.33 degrees Celcius) experienced up to 14 months of additional biological aging compared with those in areas with fewer than 10 such days annually. This link between biological age and extreme heat remained even after accounting for a wide range of individual and community factors such as physical activity levels and socioeconomic status. This means that even among people with similar lifestyles, those living in hotter environments may still be aging faster at the biological level. Even more surprising was the magnitude of the effect extreme heat has a comparable impact on speeding up aging as smoking and heavy alcohol consumption. This suggests that heat exposure may be silently accelerating aging, at a level on par with other major known environmental and lifestyle stressors. Long-term public health consequences While our study sheds light on the connection between heat and biological aging, many unanswered questions remain. Its important to clarify that our findings dont mean every additional year in extreme heat translates directly to 14 extra months of biological aging. Instead, our research reflects population-level differences between groups based on their local heat exposure. In other words, we took a snapshot of whole populations at a moment in time; it wasnt designed to look at effects on individual people. Our study also doesnt fully capture all the ways people might protect themselves from extreme heat. Factors such as access to air conditioning, time spent outdoors and occupational exposure all play a role in shaping personal heat exposure and its effects. Some individuals may be more resilient, while others may face greater risks due to preexisting health conditions or socioeconomic barriers. This is an area where more research is needed. What is clear, however, is that extreme heat is more than just an immediate health hazard it may be silently accelerating the aging process, with long-term consequences for public health. Large swaths of the U.S. population are experiencing long stretches of extreme heat, as this map of cumulative heat days from 2010 to 2016 shows. [Image: Eunyoung Choi, CC BY-ND] Older adults are especially vulnerable because aging reduces the bodys ability to regulate temperature effectively. Many older individuals also take medications such as beta-blockers and diuretics that can impair their heat tolerance, making it even harder for their bodies to cope with high temperatures. o even moderately hot days, such as those reaching 80 degrees Fahrenheit (26.67 degrees Celcius), can pose health risks for older adults. As the U.S. population rapidly ages and climate change intensifies heat waves worldwide, I believe simply telling people to move to cooler regions isnt realistic. Developing age-appropriate solutions that allow older adults to safely remain in their communities and protect the most vulnerable populations could help address the hidden yet significant effects of extreme heat. Eunyoung Choi is a postdoctoral associate in gerontology at the University of Southern California. This article is republished from The Conversation under a Creative Commons license. Read the original article.
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