Macy’s Stores Closing and Cutting Jobs
Macy’s said warm weather took a huge toll on holiday sales, which were much worse than expected, prompting the company to announce major cost-cutting moves.
During November and December, a period characterized by unseasonably warm weather, Macy’s said its same store sales declined 4.7%. Excluding the performance of leased departments, the comp decline was a more extreme 5.2%. Business conditions are not expected to improve with one month to go in the company’s fourth quarter period, with Macy’s forecasting comps for the full quarter will decline 4.7% compared to earlier guidance which called for a decline of 2% to 3%.