Macy’s Chief Executive Kevin Flynn is taking a break from his busy schedule to share some of the lessons learned from the past year.
The company posted a strong performance in the fourth quarter and is expected to make a profit this year.
But that’s not the whole story, according to Flynn.
While the company’s financials weren’t all that bad, Flynn said he learned a lot during his time in the job.
“One thing I learned is that we’re a normal, family business,” Flynn said.
“We’re not in this for the short-term.
We’re not here to make money for ourselves.
We want to be a long-term investment for our customers and our employees.””
I think what really helped us is that our customers have been loyal for 30 years,” he continued.
“They don’t want to take on any risk.
They want to stay in the Macy’s family and we’re all about that.”
Flynn said that he and his team have been working closely with the family for years.
“I think this is a business that has had a long road,” he said.
Macy’s plans to invest $1 billion in its stores and create 5,000 new jobs.
But Flynn acknowledged that it is unlikely the company will have a turnaround.
“It is very hard to rebuild a business when you’ve been in business for 30, 40 years,” Flynn explained.
“You have to have a vision and a plan.
But it’s a long, hard road.”
Macy’s shares fell 4% to $68.75 in afternoon trading on Thursday.