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Macy's Same-Store Sales Up, 6 Outlets to Close

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Macy's (NYSE: M  ) reported December same-store sales, and announced it will close six of its outlets,  the company said in separate news releases. The former metric showed an increase of 4.1% from December 2011, to total slightly over $5.1 billion.

Meanwhile, the closures are spread across the country, and include stores ranging from Massachusetts to Hawaii. The Hawaiian outlet, located in Honolulu, was opened in 1850. The shutterings are part of a "series of normal-course adjustments" to Macy's portfolio, according to the firm.

Following this action, that portfolio will total nearly 800 stores.

The company is to book $2 million-$4 million in costs related to the store closures, which will take place this spring. These charges will be reflected in 4Q's results.

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9/26/2016 1:28 PM
M $36.33 Down -0.29 -0.79%
Macy's CAPS Rating: **