The shift to online shopping continues to enact excruciating pain on any retailer tethered to the mall. 

On Thursday, Macy's (M) reported first-quarter earnings of 24 cents a share, a far cry from the earnings of 36 cents a share analysts surveyed at Factset were expecting. The retailer's revenue declined 7.5 percent to $5.34 billion, compared to Wall Street's estimates for $5.48 billion.

The struggling mall-based retailer also saw its same-store sales drop 5.2 percent for the three months ended April 29.

Shares of Macy's plunged 17 percent to $23.50.

Newly-appointed Macy's CEO Jeff Gennette, who took over on March 23, told TheStreet in a recent interview that his "mission" for 2017 is to " right the core business and set the foundation for future growth."

"What we are trying to reinforce is that what we recognize is different than in other bad business cycles we have been through," Gennette said. "We are talking about the differences between cyclical changes and fundamental changes."

In January, Macy's said it was working to close 68 under-performing stores in an effort to shutter 100 more by the end of the year.

The news from Macy's comes in the wake of several other tepid reports from mall-based brands.

Macy's struggles in the first quarter.
Macy's struggles in the first quarter.

Editors' pick: Originally published May 11.

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