Macy’s shares crater on holiday sales results

Macy’s shares tanked more than 16 percent in pre-market trading Thursday after the department store chain reported its holiday sales results for 2018 and cut its earnings outlook for the year.

The company said sales in November and December at stores operating for at least 12 months were up just 1.1 percent. The number includes online sales.

CEO Jeff Gennette said in a statement the holiday season started strong for Macy’s during Black Friday weekend “but weakened in the mid-December period and did not return to expected patterns until the week of Christmas.”

This story is developing. Please check back for updates.

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