Macy's (M) shares tumbled nearly 7% Monday morning when the biggest U.S. department store chain warned fourth-quarter results would be negatively impacted by 澳洲幸运5官方开奖结果体彩网:underperforming locations.

The retailer said it anticipated Q4 sales to be at or slightly below the low end of its earlier estimate of $7.8 billion to $8.0 billion. It sees adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) to be within its previous guidance range of $1.40 to $1.65.

Macy's is slashing the number of stores it operates as it struggles with lower sales and multiple 澳洲幸运5官方开奖结果体彩网:proxy fights from 澳洲幸运5官方开奖结果体彩网:activist investors. Last February, Macy's 澳洲幸运5官方开奖结果体彩网:announced🌸 that 150 location🌱s would be shuttered over three years, and just last week it released a list of the first 66 to be closed, including in Philadelphia Center City and Downtown Brooklyn.

Macy's expects 澳洲幸运5官方开奖结果体彩网:comparable store sales to be about flat quarter-to-date, as its non-First 50 stores were "performing below expectations and generating negative comparable sales." It noted that 🌳included the locationsꦕ Macy's plans to shut for lack of performance.

CEO Says on Track for 'Sequential Comparable Sales Improvement'

CEO Tony Spring explained that the company's "Bold New Chapter" strategy is "putting us on track to achieve our second quarter of sequential🌳 comparable sales improvement."

Shares of Macy's are down about 20% over the past year.