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Macy's forecasts annual sales below estimates, to shutter 150 stores
Credit: IndiaTimes- Published on February 27, 2024
Macy's forecasts weak sales and plans to close 150 stores as part of a turnaround plan. They aim to monetize assets, face a proxy battle, and have previously closed stores. In the holiday quarter, sales declined and a $1 billion charge led to a loss per share. Macy's fiscal 2024 sales and earnings are below expectations.
Video credit: Rumble
Published on February 28, 2024 - 01:44
Macy’s to close 150 stores in new turnaround effort, forecasts weak 2024 sales
On Tuesday, Macy’s projected annual sales and profits below expectations, announcing plans to close approximately 150 stores by 2026 as part of a new strategy to achieve $100 million in cost savings this year.
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