Macy's

Macy’s to Cut Up to 4,800 Jobs After Weak Holiday Sales

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Macy's is cutting up to 4,800 jobs after disappointing holiday sales.

The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.

The company also listed Wednesday which 40 stores it would close. It had announced it was closing stores in September.

Macy's said Wednesday that it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate.

It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.

The company's shares are up 4.7 percent in extended trading.

A list of stores closing is available at the bottom of this page.

Copyright AP - Associated Press
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