Macy's Inc M shares are trading higher after the company reported a smaller-than-expected decline in the November to December holiday sales period. The company also said its digital business and its "Growth 150" stores performed well during the holiday season.
"Macy's, Inc.'s performance during the holiday season reflected a strong trend improvement from the third-quarter,” Jeff Gennette, CEO of Macy's said in a statement.
“Our digital business and Growth 150 stores performed well. Additionally, customers responded to our gifting assortment and marketing strategy, particularly in the 10 days before Christmas. The entire organization committed to delivering holiday 2019, and it showed up in our execution."
Macy’s also said it will close 28 stores and one Bloomingdale's location in the coming weeks.
Macy's stock traded higher by 4.6% at $18.49 in Wednesday’s pre-market session. The stock has a 52-week high of $31.98 and a 52-week low of $14.11.
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