Macy’s says to shut 100 stores

New York: Macy’s Inc reported a smaller-than-expected drop in quarterly comparable store sales and said it would shut 100 stores, with most of them in early 2017. The company also said it was in talks to sell the Macy’s Men’s Store on Union Square in San Francisco for redevelopment. Sales in stores open at least a year, including sales in departments licensed to third parties, fell 2 per cent, smaller than the 4.6 per cent expected by analysts polled by research firm Consensus Metrix. The net income attributable to the company’s shareholders fell to $11 million (Dh40.4 million), or 3 cents per share, in the second quarter ended July 30, from $217 million, or 64 cents per share, a year earlier.