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Macy’s posts disappointing Q3; pursuing real estate options (but no REIT) and outlet growth

November 12, 2015

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Macy’s Inc. on Wednesday blamed warm weather, weak tourist traffic and excessive inventory for the company’s worse-than-expected third quarter results. The company said it will not pursue spinning off its properties into a real-estate investment trust, but that it is studying real estate options for some of its most iconic stores.

In the third quarter ended Oct. 31, Macy’s profit dropped 46% to $118 million, down from $217 million in the same period a year ago. The company attributed the steep decline to a $111 million impairment charge related to store closures.

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