After Macy’s, one of the largest department stores in the United States, announced that they would be shutting down 100 stores during 2017, eyes have started turning to overall performance.
The shopping giant has been struggling in the competition against online retailers and it has resulted in major losses as well as the store closures.
In a press conference last week, CEO Karen Hoguet did not reveal how immediate the closures will be, but said "All 100 will not close at year end," according to the Business Journal.
"Many of those have leases, so it makes no sense to pay rent and not operate," she said. In other words, stores owned by Macy's will be the first to close.
Third Quarter Performance
Macy’s sales in Q3 of 2016 totalled $5.626 billion, a decrease of 4.2%, compared with sales of $5.874 billion in the same period last year.
So far in the year, Macy’s, Inc.’s sales totalled $17.263 billion, a significant 5.2% reduction from total sales of $18.210 billion for the first three quarters of 2015.
Macy’s operating income added up to $107 million or 1.9 percent of sales, compared with operating income of $258 million in the previous year.
CFD traders at GSI Markets are watching Macy’s stocks on MT4 trading platforms and trading as needed.
Macy’s, Inc. (NYSE:M) reported diluted earnings per share of 5 cents in the Q3 of 2016 ended October 29, 2016.
The company’s earnings for the third quarter of 2016 compare with 36 cents per diluted share in the third quarter of 2015.
Macy’s share price is currently sitting at $44.91 USD at a 1.01% increase.
Due to the effect that mass-store closure will have on Macy’s stocks, analysts at GSI Markets recommend trading accordingly. Experts recommend keeping an eye on Macy’s stocks using MetaTrader4 – the best trading platform. To get advice or find out more information, contact an experienced brokerage such as GSI Markets.
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