Macy’s details 2017 earnings report. Will more stores close?

  • Kara Driscoll
  • Staff Writer
11:36 a.m. Tuesday, Feb. 27, 2018 Business

Sales declined at Macy’s stores compared to the previous year, according to the company’s end-of-year fiscal results.

Sales in fiscal 2017 totaled nearly $25 billion, down 3.7 percent from total sales of nearly $26 billion in fiscal 2016. Comparable sales on an owned basis declined 2.2 percent in fiscal 2017. However, sales in the fourth quarter of 2017 totaled $8.6 billion, an increase of 1.8 percent.

» TRENDING BUSINESS NEWS: 5 retailers closing stores in Ohio this year

In February, the company announced that it will close its Redmond Town Center main store in Redmond, WA, in early 2019. This brings the total to 83 of the approximately 100 store closures announced in August 2016. Another 17 stores will likely be impacted.

Some stores in Ohio have closed within the past year. Macy’s announced last year that it would close locations in Columbus, Sandusky and Steubenville. More than 193 employees were impacted in Ohio. The retailer also announced it would close its downtown Cincinnati location in 2018.

The company has also signed an agreement to sell eight of 14 floors of its State Street store in Chicago to Brookfield Asset Management. Brookfield intends to convert these largely unused floors into dynamic, creative office space. As part of this transaction, Macy’s Inc. will receive a total of $30 million.

The company is also looking to sell part of its property in San Francisco. Total sales are also expected to be down between 0.5 percent and 2 percent in fiscal 2018.


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