Macy's lowered its Q4 outlook, taking a tip from Intel, and warning investors and analysts that it did not escape what some say were the weakest holiday sales in decades.
Much as many retailers are likely to report, Macy's said that sales designed to pull in customers reduced its fourth-quarter earnings outlook to 90 cents to $1 per share, down from previous guidance of $1.10 to $1.30 a share. For the year ending Jan. 31, it now projects $1.10 to $1.20 a share, down from $1.30 to $1.50 a share.
Macy's also said said its December same-store sales dropped 4%. Sales at stores open at least a year fell by 4.6% for the year, and by 7.5% for the combined November-December holiday shopping period.
At the same time, Macy's, which in Sept. 2008 operated 810 stores, said it would close 11 underperforming stores.
The list of closing stores are as follows, with clearance sales beginning within the next week, except for Hawaii, which will not hold such a sale.
– Ernst & Young Plaza (Citicorp Plaza), Los Angeles (135,000 square feet; 136 employees; opened in 1986)
– The Citadel, Colorado Springs, Colo. (195,000 square feet; 105 employees; opened in 1984)
– Westminster Mall, Westminster, Colo. (156,000 square feet; 110 employees; opened in 1986)
– Palm Beach Mall, West Palm Beach, Fla. (190,000 square feet; 71 employees; opened in 1979)
– Mauna Lani Bay Hotel, Island of Hawaii (3,000 square feet; 3 employees; opened in 1983)
– Lafayette Square, Indianapolis (160,000 square feet; 84 employees; opened in 1974)
– Brookdale Center, Brooklyn Center, Minn. (195,000 square feet; 72 employees; opened in 1966)
– Crestwood Mall, St. Louis (166,000 square feet; 176 employees; opened in 1969)
– Natrona Heights Plaza, Natrona Heights, Pa. (73,000 square feet; 124 employees; opened in 1956)
– Century III Furniture and Clearance, West Mifflin, Pa. (83,000 square feet; 3 employees; opened in 2000)
– Bellevue Center, Nashville, Tenn. (211,000 square feet; 76 employees; opened in 1990).
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