The department store chain said it expects to save about $365 million in fiscal 2020 as a result of the layoffs.

The department store operator forecast first-quarter sales between $3 billion to $3.03 billion, down from $5.50 billion a year earlier.

The positive results follow the department store's announcement that it will close several offices and stores to cut costs and boost growth.

The department store chain posted a 3.5 percent decline in same-store sales for Q3, compared to the 1 percent drop analysts had expected.