Macy's Sees Slight Sales Uptick During November, December
Comparable sales at Macy's Inc.'s company-owned stores rose 1% during the prime months of the holiday season, helped by performance in a number of departments.
The department store company said Thursday that sales were better at Macy's and Bloomingdale's stores and that active apparel, fine jewelry and men's tailored clothing were some of the company's best-performing areas. Comparable store sales at both the company's licensed and owned stores rose 1.1% in November and December.
The company said it will close 11 stores early this year, which are part of about 100 stores closures the company had already announced. It will also be making staff changes which will involve downsizing or increasing staff in different stores.
Macy's increased its adjusted earnings guidance for fiscal year 2017 to be between $3.59 and $3.69 a share given the effect tax reform will have on the company's yearly tax rate.
The retailer said it expects total sales during the 2017 fiscal year to fall between 3.6% and 3.9%.
Shares fell 0.9% premarket.
Write to Allison Prang at allison.prang@wsj
(END) Dow Jones Newswires
January 04, 2018 09:11 ET (14:11 GMT)