LONDON (ShareCast) - (Sharecast News) - US department store Macy's slightly downgraded its sales outlook for the fourth quarter after a quieter-than-expected Christmas period.
The company now expects net sales at the lower end or just below its $7.8bn - $8bn range, slightly below previous expectations. Adjusted diluted EPS guidance of $1.40 - $1.65 was reaffirmed.

Shares in the company dipped in pre-market trading. The move comes just days after Macy's announced 66 store closures this year.

In a trading update, Macy's said its "go-forward" business achieved quarter-to-date comparable sales growth with its "First 50" locations and luxury brands Bloomingdale's and Bluemercury continuing their trend of positive comparable sales.

The "First 50" are stores where Macy's has boosted investment and tried out new ideas based on feedback from customers. Macy's is expanding the program, the company said Monday.

Reporting by Frank Prenesti for Sharecast.com

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