Macy’s to close 150 stores in new turnaround effort, forecasts weak 2024 sales

On Tuesday, Macy’s projected annual sales and profits below expectations, announcing plans to close approximately 150 stores by 2026 as part of a new strategy to achieve $100 million in cost savings this year.

Despite the lower-than-anticipated forecast, Macy’s shares saw a 7% increase as the department store chain surpassed quarterly profit estimates.

However, its performance has trailed behind competitors in 2023, with a 3% decline compared to the 13% surge observed in rivals Nordstrom and Kohl’s.

These stores slated for closure represent less than 10% of Macy’s annual sales and are primarily underperforming mall-based locations, clarified CFO Adrian Mitchell in statements to Reuters.

READ MORE: https://finance.yahoo.com/news/macys-forecasts-annual-sales-below-115957690.html

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