US department store retailer Macy’s, Inc has confirmed it is to close 29 stores following a drop in comparable sales over the holiday trading season.
The Cincinnati-based retailer told just-style it regularly reviews its store portfolio, and is closing 28 Macy’s locations and one Bloomingdale’s store “in the coming weeks.”
The company operates around 680 department stores under the Macy’s and Bloomingdale’s nameplates, and 190 specialty stores that include Bloomingdale’s The Outlet, Bluemercury, and Macy’s Backstage.
The store closure plans come as Macy’s reported comp sales for the combined November and December period were down 0.7% on an owned basis and by 0.6% on an owned plus licensed basis.
The fall was, however, better than the 1.75% decline analysts predicted for the fourth quarter, which includes the holiday trading season, according to CNBC, which cites a poll by Refinitiv.
Indeed, CEO Jeff Gennette said Macy’s performance during the holiday season saw a strong trend improvement from the third quarter, when net income tumbled to US$2m from $62m in the prior-year period and net sales fell to $5.17bn from $5.40bn last year.