Macy’s Inc., the largest department-store company in the U.S., plans to cut 6,200 jobs by early 2017, or about 4 percent of its workforce, after holiday sales came in at the low end of its forecast.

The company also cut its annual earnings forecast for 2016, according to a statement Wednesday. Macy’s now expects profit of $2.95 to $3.10 a share, excluding some items. It previously expected a range as high as $3.40.

Macy’s shares fell 5.2 percent to $33.99 at 4:08 p.m. in late trading in New York. The stock rose 2.4 percent last year.