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The downfall was particularly noticeable for the company's namesake brand. Macy's comparable sales had the biggest fall in the fourth quarter, declining 6.0 percent."The Macy's nameplate saw strength in beauty, particularly fragrances and prestige cosmetics, and its Backstage off-price business while women's shoes saw continued softness along with relatively weaker performance in cold-weather apparel and accessories," the company stated in its release.
"We have to focus on having the best stores, not the largest number of stores," Spring, the company's new CEO, said during a call with analysts, perMacy's, Inc. owns two high-end chains as well: Bloomingdale's and Bluemercury. While the company is set on reducing the scale of Macy's stores, it is planning to expand the other two chains. Thisabout 15 new Bloomingdale's stores and at least 30 new Bluemercury stores over the next three years, CNBC reported.
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