News Summary

• Some analysts have expected businesses more broadly to turn toward technology amid cost cuts this year to protect profit margins, as those margins fall collectively from highs reached in 2021..
• Nike Inc. NKE, +0.83% last month said it was looking to cut up to $2 billion in costs over the next three years..
• “Despite our strong and tangible progress over the last few years, we remain under pressure,” the Macy’s memo cited by the Journal said..
• The publication reported that Macy’s plans to develop a more automated supply chain and would outsource some jobs..
• As of Oct. 28, Macy’s had 784 stores, including its namesake locations as well as those of Bloomingdales, which Macy’s owns.The spokesperson declined to discuss additional details reported by the Journal..
• The job cuts were announced as the landscape for retailers remains uneven, as higher prices for groceries and other basics have hindered what inflation-hit shoppers can spend elsewhere..