Macy's is doing all the right things—except being in a mall, analyst says

Despite Macy's abysmal earnings report Wednesday, one analyst said there's not much more the department store could be doing to improve.

, one analyst said there's not much more the department store could be doing to improve.

Jan Kniffen, CEO of retail investor consultancy J. Rogers Kniffen, said that Macy's was making the right moves by closing unproductive stores and experimenting with discounted, off-price clothing with Macy's Backstage. He also said the company was growing well online and on mobile.Squawk on the Street

" Wednesday. "Mall traffic's deteriorating every quarter, every year for about 10 years now, and there's no sign of it letting up. So it's a really hard place to fight the battle." During its second-quarter earnings report, Macy's announced it was cutting its profit forecast for the fiscal year because an oversupply of inventory caused the company to lower prices, forcing it to take a hit on profits. On Wednesday morning, its stock plummeted more than 15%, dropping to lows not seen since 2009.

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