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Macy’s shares close higher on Wednesday, company to hire 76,000 workers ahead of holiday season

Macy’s Inc (M) said earlier this week that it intended to hire nearly 76,000 full-time and part-time workers at its stores, call centers and warehouses ahead of the busy holiday shopping season. The announcement indicated a return to hiring levels from before the coronavirus pandemic.

Seasonal hiring plans also indicate retailers’ sales expectations for the holidays. In August, Macy’s revised up its full-year sales forecast, as customers return to post-lockdown social events.

In 2020, the company hired 25,000 seasonal workers as the COVID-19 pandemic took a toll on its business, while, in 2019, as many as 80,000 employees were hired.

According to the department store operator, nearly 48,000 of this year’s new roles are seasonal positions, while the rest are permanent positions.

Macy’s shares closed higher for a second consecutive trading session in New York on Wednesday. It has also been the sharpest single-session gain since August 19th. The stock went up 4.77% ($1.03) to $22.63, after touching an intraday high at $22.96. The latter has been a price level not seen since September 2nd ($23.06).

Shares of Macy’s Inc have risen 101.16% so far in 2021 compared with a 17.03% gain for the benchmark index, S&P 500 (SPX).

In 2020, Macy’s Inc’s stock went down 33.82%, thus, it underperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 4 out of 11 surveyed investment analysts had rated Macy’s Inc’s stock as “Hold”, while 3 – as “Buy”. The median price target on the stock stands at $23.40.

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