Following in the footsteps of Sears, Macy’s has announced that it intends to close more stores. CNBC reports that Macy’s—which has a location at the Mall of Louisiana and earlier this year closed its Cortana Mall store—will shutter another 100 stores despite posting better-than-expected second quarter earnings.
The company has yet to announce the locations of the stores it will close. The second quarter earnings report indicates that shoppers responded to the store’s steep discounts, but sales are still on the decline. Macy’s reported revenue of $5.87 billion with earnings of 54 cents per share, excluding charges.
Analysts had expected earnings of 45 cents per share on $5.75 billion in revenue, according to a consensus estimate from Thomson Reuters. In the same quarter last year, the department store reported earnings per share of 64 cents, on an adjusted basis, with revenue of $6.1 billion.
The Cortana Mall location was one of 40 stores nationwide that Macy’s closed earlier this year. Sears, meanwhile, closed 78 Sears and Kmart stores earlier this year, including in Houma and Pineville.
