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Macy's plans to cut annual costs by up to $550M

Macy's Inc. is looking to cut annual cost by $400 million to $550 million and ramp up its productivity over the next two to four years, CFO Paula Price said at Goldman Sachs's global retailing conference.

The department store operator also plans to improve its working capital by approximately $100 million during the period.

Price also said that starting this month, the Ohio-based retailer will introduce self-checkout stations in stores on a pilot basis. Plans to expand the self-checkout service to more stores will depend on customer feedback, the CFO added.

In August, Macy's lowered its earnings guidance for fiscal 2019 after second-quarter earnings missed analysts' expectations.