Macy’s CFO Blames Millennials, Netflix and Lipstick Haters on Shifting Retail Landscape
You lipstick-hating, tech-savvy millennials are killing Macy's mojo. On Tuesday, Macy's CFO Karen Hoguet blamed Netflix, millennials and women who like to shop without wearing makeup on weaknesses in the luxury retail market. "We did some consumer research, and the customers said she likes going to the off-price retailers because she doesn't have to put lipstick on," Hoguet said at an industry conference. "I've walked through a lot of malls. I'm not sure." Macy's reported a 1.8 percent increase in revenue last quarter to $9.36 billion that fell short of analyst expectations.