Here’s What Happened After Macy’s Closed 66 Stores

Macy’s Inc,’s shrinking store count has paid off in better-than-expected fourth-quarter earnings posted by the firm today. While the department store chain’s net income slid 13 percent year-over-year, to $475 million, or $1.54 per diluted share, adjusted diluted earnings per share — at $2.02 — topped analysts’ bets for diluted EPS of $1.96. Net sales, on the other hand, declined 4 percent year-over-year, to $8.5 billion, missing forecasts for sales of $8.6 billion. Fourth-quarter comps. Comparable store sales also declined 2.7 percent. During the past year, Macy’s has initiated several strategies — including 100 store closures, more than 10,000 layoffs, and a plan to double down on its digital efforts — aimed at getting the beleaguered chain back on track. (Macy’s said it closed 66 stores in 2016 and will close another 34 over the next several years.) Macy’s chairman and CEO Terry Lundgren said today that those efforts are starting to pay off for the company. “While 2016 was not the year we expected, we made significant progress on key initiatives that are starting to bear fruit,” Lundgren said. “These include continued improvement in our digital platforms, the rollout of our new approach to fine jewelry and women’s shoes, an increase in exclusive merchandise

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