Macy’s holiday same-store sales rise one percent; to close stores, cut jobs

(Reuters) – Department store operator Macy’s Inc (M.N) said its comparable-store sales during the months of November and December rose 1 percent, leading to a growth in overall comparable sales for the holiday quarter.

The company also said it would close 11 stores, cut jobs and further streamline non-store functions to save about $300 million in costs in 2018.

The company’s shares were down 2.5 percent in premarket trading on Thursday.

Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty

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