Macy's To Close 30 Stores After Holiday Season
Sales continued to decline but not as steeply. Comparable store sales fell 0.6% during November and December compared to sales a year earlier. Additionally, during the fall quarter sales fell 3.5%.
Despite the decline Macy's reports that customers had responded well to a marketing push that aimed to increase sales during the 10 days leading up to Christmas. Sales at Macy’s demonstrates a trend typical of brick and mortar stores as they try to find their financial footing amid the age of online shopping and Amazon.
Some analysts predict continuous declines. More specifically FactSet predicts a 2.5% decrease in sales during the fourth quarter.
Despite the decrease in sales, the price of Macy’s stock rose 2.4% to a value of $18.10. This jump comes after a year of poor performance. Macy’s was one of the worst performers in the S&P 500 during 2018. It had lost 30% of its value.
Apart from the 29 Macy’s stores being closed the company also plans on closing one Bloomingdale’s store. In total, the parent company runs 680 department stores and 190 specialty stores.