Macy's Same-Store Sales Up, 6 Outlets to Close
Macy's reported December same-store sales, and announced it will close six of its outlets, the company said in separate news releases. The former metric showed an increase of 4.1% from December 2011, to total slightly over $5.1 billion.
Meanwhile, the closures are spread across the country, and include stores ranging from Massachusetts to Hawaii. The Hawaiian outlet, located in Honolulu, was opened in 1850. The shutterings are part of a "series of normal-course adjustments" to Macy's portfolio, according to the firm.
Following this action, that portfolio will total nearly 800 stores.
The company is to book $2 million-$4 million in costs related to the store closures, which will take place this spring. These charges will be reflected in 4Q's results.
The article Macy's Same-Store Sales Up, 6 Outlets to Close originally appeared on Fool.com.Eric Volkman has no position in Macy's. The Motley Fool has no position in Macy's. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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