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March 1, 2022, 10:47 a.m. EST

Macy's to spend $5 billion by 2025 to create a more equitable future, to raise minimum pay to $15 an hour by May 1

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By Ciara Linnane
M SPX

Macy's Inc. /zigman2/quotes/201854387/composite M +9.91% said Tuesday it is planning to spend $5 billion by 2025 to create a more equitable and sustainable future, with the launch of its Mission Every One, a social purpose platform. In addition to using more sustainable materials, the company is raising its minimum wage for all workers to $15 an hour by May 1 and will offer fully funded education for colleagues starting in March. "The social purpose platform is built on three pillars of impact -- people, communities, and planet -- and will direct $5 billion of the company's spend, scaling through 2025, to the partners, products, people, and programs that help create a more equitable and sustainable future," the company said in a statement. Shares were down 1% premarket, but have gained 69% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +3.06% has gained 12%.

/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 20.96
+1.89 +9.91%
Volume: 50.96M
June 24, 2022 4:00p
P/E Ratio
3.98
Dividend Yield
3.01%
Market Cap
$5.65 billion
Rev. per Employee
$292,211
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/zigman2/quotes/210599714/realtime
US : S&P US
3,911.74
+116.01 +3.06%
Volume: 3.46B
June 24, 2022 5:05p
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