NEW YORK – Macy’s is cutting thousands of jobs after disappointing holiday sales.
The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.
The company also listed Wednesday which 40 stores it would close. The lone Maine store, located at the Maine Mall in South Portland, was not on the list. Stores in Lanesborough and Springfield, Massachusetts, and in Bedford, New Hampshire, are expected to close.
Macy’s said Wednesday that it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate.
It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.
The company’s shares are up 1.4 percent in extended trading.
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