Shares in the retail shopping sector (NYSE:XRT) are cheering news Macy’s (NYSE:M) is planning to increase hires during the holidays by as much as 4%. Although these are mostly part-time openings, Wall Street still must question their current gloomy forecasts of seasonal hiring.
“We always hire aggressively during the holidays to ensure our customers are well-served in this important shopping period. We expect additional hiring this year given the continued sales growth in our business both in-store and online,” said Terry J. Lundgren, Macys, Inc. chairman, president and chief executive officer. About 78,000 additional “seasonal associates” are expected to be hired by Macys for the 2011 holiday season, a 4% increase year-over-year.
Investing Insights: Here’s Why The Netflix Moat Is Running Low.
Macy’s (NYSE:M) stock is trading at $25.83 today, up 0.82%. Shares are up 12.62% in one year. The stock’s trading range for the year is between $21.69 and $30.62.
Department store stocks are following suit in the rally: J.C. Penney Company, Inc. (NYSE:JCP), Kohl’s Corporation (NYSE:KSS), Dillard’s, Inc. (NYSE:DDS), Saks Incorporated (NYSE:SKS), and Nordstrom, Inc. (NYSE:JWN).
Investing Insights: Steve Cohen and SAC Capital’s Top Investments in the Services Sector.