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Macy's Announces Lower Guidance, Will Close 125 Stores

Tanzeel Akhtar

Macy's (NYSE: M) announced on Tuesday it sees fourth-quarter sales at $8.3 billion versus the $8.34 billion estimate, and comps at co-owned locations down 0.6%.

The company sees fiscal year 2020 sales at $23.6-$23.9 billion versus the $24.54 billion estimate, and adjusted EPS $2.20-$2.40 versus the $2.75 estimate.

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"Macy's plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls," according to a Wall Street Journal report. "The company is also cutting roughly 2,000 corporate jobs, or 10% of corporate and support staff, and closing several offices."

Macy's stock traded lower by 1.64% at $16.20 in Tuesday's after-hours session. The stock has a 52-week high of $26.33 and a 52-week low of $14.11.

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