Retailer also closed its specialty jewelry store in Honolulu.
As Macy’s announced disappointing first quarter results that caused it to lower its sales and earnings outlook for the year, the retailer said it will roll out an “upgraded” jewelry department concept, according to a company press release. Macy’s piloted the concept in 40 stores last fall and now plans to incorporate it into an additional 350 stores by the end of 2016. The retailer also said it closed its specialty jewelry store in Honolulu.
In the release, Macy’s CEO Terry Lundgren said: “We are seeing continued weakness in consumer spending levels for apparel and related categories. In particular, our sales trend relative to expectations meaningfully slowed beginning in mid-March, and first quarter results are below our original outlook. … As we rebuild our business for a comeback that we expect will begin later this year, we continue to focus on agility and innovation – supporting and testing new ideas and approaches so we can identify the best way to serve evolving customer needs, and moving fast to scale up the most successful pilots on a broader basis to fully capture growth opportunities.”
Read the full release at Business Wire