Macy's soars after topping Wall Street estimates, outlining plans to close 100 stores

August 11, 2016 12:09 PM

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Macy's soars after topping Wall Street estimates, outlining plans to close 100 stores

Macy's reported Thursday fiscal second-quarter sales and earnings that topped analysts' expectations, as shoppers responded to the department store's steep discounts. Yet with sales still on the decline, the retailer said it will shutter 100 locations to focus on its best-performing stores.

The company's shares shot more than 14 percent higher in pre-market trading.

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