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Investing.com -- Macy’s Inc (NYSE:M) shares fell more than 2% after the retailer issued a more cautious sales outlook for the fourth quarter. The company now projects net sales to range from $7.8 billion to $8 billion, slightly below previous expectations.

Macy’s reaffirmed its Q4 adjusted diluted EPS guidance of $1.40 to $1.65, consistent with earlier projections.

Macy’s said its go-forward business segments delivered quarter-to-date comparable sales growth, with its First 50 locations and luxury brands, Bloomingdale’s and Bluemercury, maintaining their positive sales momentum. The digital channel also recorded comparable sales growth during the period.

However, total comparable sales for Macy’s, Inc. were flat quarter-to-date, with non-First 50 locations, including non-go-forward stores, underperforming and reporting negative comparable sales.

“Our Bold New Chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales2 improvement,” said Macy’s chairman and CFO Tony Spring in a statement.

“Reflecting ongoing positive response to Macy’s First 50 locations, we are excited to expand initiatives to an additional 75 Macy’s locations in Fiscal 2025. We are well-positioned to build momentum with a stronger Macy’s store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy.”

Macy’s plans to release its full fiscal fourth-quarter and 2024 results in early March 2025.

Last week, Macy's announced it plans to close 66 store locations as part of a strategy outlined last year. The company stated it will invest in 350 “go-forward” locations across the country through fiscal 2026.

The closures follow an earlier announcement to shut down 150 "underproductive" stores over three years as Macy's works to recover from a challenging 2024

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