Numerous stores will close in early 2017, with the balance closing as leases or other agreements expire or are amended.
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The company said it will communicate its store closing decisions directly with the employees in the affected locations prior to making a public announcement.
Of the 728 total stores, about 14 percent will be closed by early 2017, but Macy’s hasn’t said which stores will close.
The Macy’s at the Ohio Valley Mall operated as Kaufmann’s from 1979 until a 2005 corporate merger led the company to change the store’s name.
“For most of the 100 locations, it will be announced closer to the end of our fiscal 2016”, she said.
The chain will be looking into investing more into online shopping.
Macy’s shares are up more than 12 percent in pre-market trading Thursday to $38.20 on the company’s news. Macy’s announced earlier this year it was closing about 40 stores, including its Irvine Spectrum and Westfield Century City mall locations.
Chairman and chief executive officer Terry J. Lundgren said: “We are encouraged by the distinct improvement in our sales and earnings trend in the second quarter”. In addition, it will refine Macy’s and Bloomingdale’s successful Buy Online Pickup in Store offering, introduced in 2013, in order to improve speed and convenience of the customer experience.
Jack Manning, president of the Beaver County Chamber of Commerce, said he hasn’t heard one way or the other if the local Macy’s is on the list.
Macy’s department store at West Valley Mall.
Before the bell on Thursday, two of the U.S.’s largest department store retailers reported their most recent quarters’ financial results. Excluding charges that are related to store closings, the company earned 51 cents, which is above the 48 cent estimate from FactSet. Analysts had expected earnings of 45 cents a share on $5.75 billion in revenue, according to a consensus estimate from Thomson Reuters.
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The number of transactions was down 5 percent compared to previous year but that was an improvement from the prior quarter. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
