Macy’s sales hurt by fire and promotional event fumble

Macy’s Inc. shares rose 1.5% in Tuesday trading after the department store retailer announced holiday season earnings that beat expectations, but Chief Executive Jeff Gennette says same-store sales would’ve been higher if it weren’t for two factors.

The first was a fire in the company’s West Virginia mega center on Nov. 24. There were no casualties, but Gennette called this the bigger of the two incidents in his remarks on the earnings call.

“[T]he incident put pressure on our fulfillment network as it required us to shift volume to our other mega centers as well as to our stores,” he said, according to a FactSet transcript.

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