NEW YORK » Macy’s is cutting up to 4,800 jobs after disappointing holiday sales.
The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.
The company also listed today which 40 stores it would close. It had announced it was closing stores in September. Store employees at the company’s Kailua store were told in August that their location would be closed this year.
The 59,000-square-foot location at 573 Kailua Road has roughly 70 employees.
Macy’s said Wednesday that it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate.
It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.
The company’s shares are up 4.7 percent in extended trading.