“The mall is getting more toxic," one analyst warns. "Mall traffic will likely continue to wane over the years ahead.”
Same-store sales improved in the second quarter but profit was hit by heavy markdowns to clear unsold merchandise.
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.
Comparable sales rose 1.3% in Q4 as the retailer's renewed emphasis on apparel helped bring in more shoppers and persuaded them to spend more.
The same-store sales drop was worse than analysts expected but tight inventory control drove an improvement in profitability.
The struggling retailer's stock fell 10%, apparently reflecting investor doubts over the progress of its turnaround efforts.
The retailer's shares plunge 17% as the disappointing Q1 report added "to the sense that Macy's is on a slippery slope."
