NEW YORK (AP) — Macy’s is reporting stronger-than-expected sales and profits for the fourth quarter.
Shares are up 3% before the opening bell Tuesday.
The quarterly report comes three weeks after the department store chain said it was closing 125 of its least productive stores and cutting 2,0000 corporate jobs as it tests new smaller-store formats.
Macy’s also says that same-store sales, a key measure for a retailer’s health, slipped 0.5%, including licensed businesses like jewelry. That was still an improvement from the 3.5% drop seen in the previous quarter.
The company says it is viewing 2020 as a transition year and reiterated its annual profit guidance.