Macy’s, Inc., a retail giant headquartered in Cincinnati, Ohio, has announced better than expected holiday sales results, which has led to the closure of 28 Macy’s locations and one Bloomingdale’s store. Despite a 0.6% decline in comparable sales during November and December 2019, Macy’s outperformed analysts’ predictions of a 1.8% decline. This positive news comes after Macy’s had to revise its annual profit outlook for the second time in the fiscal year due to a weak third quarter.
As a result of this announcement, Macy’s shares experienced a surge of up to 5% on Wednesday. Jeff Gennette, the chairman and CEO of Macy’s, commended the company’s strong performance in its digital business and recognized the top 150 performing stores during the holiday season. Gennette attributed this success to Macy’s well-curated gifting assortment and effective marketing strategy, emphasizing the entire organization’s dedication to delivering a successful holiday season.
Aside from the impressive holiday sales figures, Macy’s has also revealed its plans to close 29 stores in the upcoming weeks. A spokesperson from the company stated that these closures are a part of their routine evaluation of the store portfolio, but did not disclose further details. Macy’s has been heavily focusing on expanding its e-commerce platform and investing in its top-performing stores in recent years, leading to the closure of several physical locations. Currently, Macy’s operates approximately 680 stores across the United States under the Macy’s and Bloomingdale’s banners, as well as 190 specialty stores under various brand names.
With around 130,000 employees, Macy’s is renowned for its extensive range of products in categories such as fashion, home furnishings, beauty, and accessories. Despite the challenges faced by the retail industry, Macy’s ability to generate strong holiday sales and strategically close underperforming stores demonstrates its ability to adapt to evolving consumer preferences and maintain its position as a market leader. By prioritizing digital innovations and optimizing its top-performing stores, Macy’s is committed to providing customers with exceptional shopping experiences, both online and in-store.
– [Macy’s Official Website](https://www.macysinc.com/investors/news-events/press-releases/detail/1482/macys-inc-announces-performance-for-the-holiday-season)
– [CNN Business](https://www.cnn.com/2020/01/08/business/macys-closings-holiday-sales/index.html)