Macy’s estimated yearly revenues below market expectations due to lackluster demand for its apparel and shoes, and it announced plans to eliminate 150 locations by 2026 as part of a new turnaround plan, sending its shares down around 2% before the bell on Tuesday.
The department store chain did not disclose information on shop locations or whether there would be additional layoffs, reported Reuters. It also intends to monetize $600 million to $750 million in assets over the next three years.
During the holiday season quarter, comparable sales fell 4.2%, beating analysts’ expectations of a 5.8% decrease, as severe discounts enticed customers., as severe discounts enticed customers, noted the report.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
