Typically, it’s not considered a bullish indicator when a company lays off thousands of workers. Then there’s Macy’s, which announced cuts this week on the heels of a holiday shopping season that was by most accounts meager.
Layoffs at the department store giant came alongside several coups. Macy’s said same-store sales in the past two months increased by 4.3 percent over the year-earlier period—thoroughly respectable particularly given JC Penney‘s decision to not reveal holiday sales numbers. Meanwhile, Macy’s also forecast 2014 profit of $4.40 to $4.50 per share, well ahead of analyst expectations.