Except at Macy's, where sales were down 2.1% It will close 100 stores, and dump 10,000 workers.
That is because CEO Terry J. Lundgren became an SJW.
After Trump entered the presidential race, Lundgren very publicly voided his company's contract with Trump.
From CNN on July 1, 2015:
"We are disappointed and distressed by recent remarks about immigrants from Mexico. We do not believe the disparaging characterizations portray an accurate picture of the many Mexicans, Mexican Americans and Latinos who have made so many valuable contributions to the success of our nation," Macy's said. "In light of statements made by Donald Trump, which are inconsistent with Macy's values, we have decided to discontinue our business relationship with Mr. Trump and will phase-out the Trump menswear collection, which has been sold at Macy's since 2004."In response, some customers ended their relationship with Macy's.
From TMZ on July 13, 2015:
Sources connected to the department store tell TMZ, Macy's has received complaints from approximately 30,000 customers since ending its relationship with Trump nearly 2 weeks ago.
We're told the store has been "inundated with complaints" from customers who believe the department store is unfairly punishing Trump for his views on immigration.Macy's stock peaked at $72.31 a share on July 17, 2015 - an all-time high.
It closed the year at half that -- $34.98.
And 2016 was even worse.
Macy's shares tumbled more than 9 percent after the market's close Wednesday after it posted disappointing holiday sales and released the locations of 68 of the 100 stores it plans to close as it looks to turn around its performance.
Macy's comparable sales fell 2.1 percent in November and December, which was at the low end of its previous guidance. It maintained its 2016 comparable sales guidance of a 2.5 percent to 3 percent decline, but expects full-year diluted earnings to be in a range of $2.95 to $3.10. It had previously been expecting $3.15 to $3.40.
Macy's outgoing Chairman and CEO Terry Lundgren said the company expects "our 2017 change in comparable sales to be relatively consistent with our November/December sales trend."
Macy's shares recently changed hands at $32.60, down $3.24, or 9 percent.This was not President Trump's doing.
Lundgren failed as a CEO by putting politics ahead of profits. Business should come first, last, and always in business.
Please read "Trump the Press," in which I skewer media experts who wrongly predicted Trump would lose the Republican nomination. "Trump the Press" is available as a paperback, and on Kindle.
It covers the nomination process only. The general election will be covered in a sequel.
For an autographed copy, email me at DonSurber@GMail.com
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