Dive Summary:
- While Macy's stores open for at least a year did show increases in revenue, the increase was less than expected, prompting the closure of six stores.
- Store closures, including Bloomingdales Fashion Show Home Store in Las Vegas, Nev., and Macy’s in Paseo, Colo.; Belmont, Mass.; Honolulu, Hawaii; St. Paul, Minn.;, and Houston, Texas will cost upwards of $2 million dollars to the company in the fourth quarter.
- Expected earnings for the fourth quarter have fallen from $1.94 to $1.99 per share to $1.91 to $1.96 per share for the fourth quarter.
From the article:
"...Macy’s said Thursday that revenue in stores open at least one year rose 4.1 in December, edging past Wall Street estimates.
But the figure grew less than the company expected during the combined two-month November and December period, the key holiday shopping months, and Macy’s lowered its fourth-quarter guidance.
The department store chain also said it will close six underperforming stores..."
