Tags: Macys | Christmas | holiday | retail

Macy's Will Cut 6,200 Jobs After Weak Christmas; Shares Decline

Image: Macy's Will Cut 6,200 Jobs After Weak Christmas; Shares Decline

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Wednesday, 04 Jan 2017 04:46 PM

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.

 

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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...
Macys, Christmas, holiday, retail
96
2017-46-04
Wednesday, 04 Jan 2017 04:46 PM
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