Retail giant Macy's has reported lackluster sales during the holiday season, reporting a notable 31 percent drop in profit as the company struggled against stiff competition from lower-priced alternatives and online shopping stores, according to Reuters via Yahoo! News.
Apart from the competition, the retailer was also bogged down by the usually warm weather during the season, as well as the strengthening U.S. dollar, which has lowered the spending of international tourists.
Overall, for the full quarter, Macy's same-store sales fell 4.3 percent, with its total revenue plunging 5.3 percent to $8.87 billion, reports The Wall Street Journal.
Shareholder Starboard Value LP, a prominent hedge fund, has also been putting pressure on the retailer to monetize its real estate assets, which are estimated to be worth about $21 billion. Macy's said it is looking into the proposal.
"There has been a high degree of initial interest at this preliminary stage but it is premature to comment further at this point," Macy's announced on Tuesday, according to Financial Buzz.
Though the company's sales have suffered, especially during the final phases of the previous year, Macy's sales have experienced a brief surge during the first month of 2016, partly bolstered by the unusual cold that embraced the country last month.
Despite the company's shares plunging 32 percent over the past 12 months, the retailer's stocks rose 3 percent on Tuesday, closing at $42.31, the highest it has gone since November last year.
