Jan 4, 2018

Macy's holiday sales weren't enough to turn around 2017

Erica Pandey

Shoppers stop to view Macy's holiday window display in Manhattan. Photo: Victor J. Blue / Bloomberg via Getty Images

Macy's holiday sales were 1% better in 2017 than in 2016, but the retail giant still expects a 3.6–3.9% drop in revenue for fiscal year 2017, CNBC reports. Macy's also plans to close 11 store locations and cut 5,000 jobs early this year — moves that will save the company $300 million in annual expenses — in an effort to focus on growing its online presence. The company's shares were down 4% on the news as of mid-day Thursday.

The big picture: Macy's is part of a widespread implosion of Big Retail.

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Axios

Bernie Sanders suspends presidential campaign

Photo: ANDEL NGAN/AFP via Getty Images

Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.

The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.

Go deeperArrow3 mins ago - Politics & Policy
Bethany Allen-Ebrahimian

Indians look to Taiwan amid China's coronavirus missteps

Illustration: Sarah Grillo/Axios

Many Indians are angry at China and the World Health Organization for their perceived mishandling of the coronavirus. The efficiency and transparency of Taiwan's response to the epidemic, in contrast, has made it a topic of renewed sympathy and interest in India.

Why it matters: The coronavirus crisis is showcasing Taiwan's democratic system of governance on an international stage, the biggest soft power win for the country in years.

Go deeperArrow24 mins ago - World
Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,447,466 — Total deaths: 83,471 — Total recoveries: 308,215 — Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 399,929 — Total deaths: 12,911 — Total recoveries: 22,539 — Map.
  3. 2020 latest: The results for Wisconsin's primary elections won't be released until April 13. Thousands of residents cast ballots in person.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  7. What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 52 mins ago - Politics & Policy