Macy’s cuts outlook for the year with holidays around corner

Bad weather, website problems and malls, oh my … Macy’s cuts outlook for the year

Macy’s is cutting its profit and sales expectations for the year after posting its first comparable store sales decline in almost two years.

The company is citing the late arrival of colder weather, meager tourist business, weak traffic at some malls and problems on its website.

Shares of Macy’s Inc. slid more than 4% before the opening bell Thursday.

The Cincinnati retailer posted earnings of $2 million, or a penny per share. Removing non-recurring charges, per share earns were 7 cents, better than penny Wall Street expected, according to a survey by Zacks Investment Research.

Revenue was $5.17 billion, which is short of expectations.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on M at https://www.zacks.com/ap/M

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