NEW YORK (CBS13/AP) — Macy’s says it plans to close about 100 stores next year as the department store operator aims to become more nimble in a competitive market. That represents close to 14 percent of its store base.
The closures come as Macy’s reported Thursday that second-quarter profits and sales fell. The results, however, beat Wall Street estimates as efforts to bring back customers are taking hold.READ MORE: 'This Hits Hard For Us': Officer Ty Lenehan Remembered By His Elk Grove PD 'Family'
The nation’s largest department store chain says that it earned $11 million, or 3 cents per share, in the quarter ended July 30. That compares with $217 million, or 64 cents per share, in the year-ago period.
Excluding charges that are related to store closings, the company earned 51 cents, which is above the 48 cent estimate from FactSet.READ MORE: Tributes For Fallen Elk Grove Police Officer Ty Lenehan Pour In From Law Enforcement Across The Region
Revenue fell 3.9 percent to $5.87 billion. That topped the $5.77 billion estimate from FactSet.
Earlier this year, Macy’s announced plans to close 36 stores around the country. The Macy’s at Sacramento’s Country Club Plaza was one of the stores that was shuttered.MORE NEWS: Bay Area Senator Proposes 12-Year-Olds Should Have Vaccination Rights Without Parents Consent
Copyright 2016 The Associated Press.