Macy's key revenue figure rises in December
CINCINNATI (AP) -- Macy's said Thursday that revenue in stores open at least one year rose 4.1 in December, edging past Wall Street estimates.
But the figure grew less than the company expected during the combined two-month November and December period, the key holiday shopping months, and Macy's lowered its fourth-quarter guidance.
The department store chain also said it will close six underperforming stores. The stores are located in Nevada, California, Hawaii, Massachusetts, Minnesota and Texas. After the closings, Macy's will operate 798 stores in 45 states. Macy's said it plans to open nine other Macy's and Bloomingdale's around the country to replace the stores it is closing.
Analysts had expected the December figure to rise 4 percent, according to Thomson Reuters.
Total revenue for the five weeks ended Dec. 29 rose nearly 4 percent to $5.1 billion from $4.92 billion last year.