In this article M Follow your favorite stocks CREATE FREE ACCOUNT The Macy's company logo is seen at the Macy's store on Herald Square on January 19, 2024 in New York City. Macy's department-store chain announced that they will be laying off roughly 2,350 employees which is about 3.5% of their workforce.
The company says that it will also be closing five stores in order to adjust to the online-shopping era. (Photo by Michael M. Santiago/Getty Images) Michael M.
Santiago | Getty Images News | Getty Images Macy's fiscal first-quarter earnings topped Wall Street's expectations on Tuesday, as the retailer said it saw early signs of momentum in its turnaround strategy. Even so, the department store operator's quarterly revenue came in just shy of expectations. Macy's net sales were roughly 3% lower than a year ago, as its namesake website and store continued to be the weakest part of the business.
Macy's raised its full-year earnings expectations to reflect the first-quarter beat, along with the low end of its sales outlook. But the retailer said in a news release that it "assumes customers will continue to be discerning in their discretionary purchases." The company's share rose more than 3% in premarket trading.
Macy's is getting smaller as it tries to grow sales again. The department store operator, which includes Bloomingdale's and beauty chain Bluemercury, said earlier this year that it would close about 150 of its namesake stores. That's more than a quarter of namesake Macy'.