Macy’s Declines After Reducing Outlook, Moving to Cut 6,200 Jobs
- Holiday sales came in at low end of company’s projections
- Company previously announced plans to shutter 100 stores
Macy's Plans Job Cuts, Kohl's Cuts Earnings Forecast
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Macy’s Inc., the largest department-store company in the U.S., plunged in late trading after cutting its earnings outlook and vowing to eliminate 6,200 jobs, or about 4 percent of its workforce.
Following a sluggish holiday season, the company now expects profit of $2.95 to $3.10 a share this year, excluding some items. It previously predicted a range as high as $3.40.