“Macy’s had a solid holiday shopping season, and we are pleased that our November/December performance resulted in positive comp sales for the period, setting us up for a positive fourth quarter. Consumers were ready to spend this season, and we delivered with solid execution, fresher inventory, a curated gift assortment and a focus on customer experience. We saw improved sales trends in our stores and continued to see double-digit growth on our digital platforms. Customers also responded well to our new loyalty program”, commented Jeff Gennette, Macy’s, Inc. Chief Executive Officer, adding: “We intend to close the fourth quarter in a good position and head into 2018 with momentum.”

“Our primary focus in 2017 has been to continue the strong growth of digital and mobile, stabilize our brick & mortar business and set the foundation for future growth. We’ve made good progress on each, including encouraging trend improvements in our brick & mortar business. A healthy store base combined with robust digital capabilities is Macy’s recipe for success. Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth”, concluded Gennette.

The company is also taking actions intended to continue improvements in organizational efficiency and to allocate resources to support its growth strategy. Major components of these restructuring activities include:
• Staffing adjustments across the stores organization with reductions in some stores and increases in others;
• Further streamlining in some non-store functions;
• Closure of 11 stores in early 2018.

Macy's expects annual expense savings of 300 million US dollars from these actions beginning in fiscal-year 2018, which it intends to reinvest in the business.

Macy’s announced the closure of 11 Macy’s stores, 4 of which were previously disclosed. With these closures, the company will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sale transactions are completed. These closures are part of a multi-year effort by the company to ensure the optimal mix of brick & mortar stores and digital footprint. Including the stores announced today, Macy’s has closed 124 stores since 2015.

Macy’s, Inc. is narrowing the range of its previously provided full-year sales guidance. The company now expects comparable sales on an owned basis to decline between 2.4% and 2.7%, with comparable sales on an owned plus licensed basis to decline between 2.0% and 2.3%. Total sales are expected to be down between 3.6% and 3.9% in fiscal 2017. Total sales for fiscal 2017 reflect a 53rd week, whereas comparable sales are on a 52-week basis.