Skip to main content
BoF Logo

Agenda-setting intelligence, analysis and advice for the global fashion community.

The Business of Fashion
Financial Markets

Macy’s Profit Trails Estimates on Discounts to Clear Inventory

Macy’s Inc., the largest U.S. department-store chain, posted second-quarter earnings that missed analysts’ estimates as the retailer relied on discounts to clear seasonal inventory delayed at the West Coast Ports.
By
  • Bloomberg

NEW YORK, United States — Macy's Inc., the largest U.S. department-store chain, posted second-quarter earnings that missed analysts' estimates as the retailer relied on discounts to clear seasonal inventory delayed at the West Coast Ports.

Profit in the three months through Aug. 1 was 64 cents a share, the Cincinnati-based company said in a statement on Wednesday. Analysts projected 76 cents, on average.

Chief Executive Officer Terry Lundgren is cutting costs and experimenting with low-priced outlets as mall traffic dwindles and shoppers focus on finding deals. The dollar’s strength has hurt sales to tourists, and delays at West Coast ports have caused a backlog of seasonal products, forcing Macy’s to cut prices to make way for new items.

Comparable-store sales on an owned plus licensed basis will be little changed this year, Macy’s said Wednesday. That’s down from the company’s previous projection for a gain of about 2 percent.

ADVERTISEMENT

Macy’s fell 4.3 percent to $64.60 at 8:02 a.m. in early trading in New York. The stock had gained 2.7 percent this year through the close of trading Tuesday.

By Lindsey Rupp. Editors: Kevin Orland, Paul Jarvis.

In This Article
Topics
People
Organisations
Location

© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Financial Markets
A financial lens on the fast-changing fashion sector, including markets, investors and deals.

L Catterton: Finding Value in a Tough Market

Nikhil Thukral, managing partner at the LVMH-affiliated private equity fund, talks about the ingredients of winning companies, the dynamics challenging fashion's incumbents and how economic shifts are shaping investor strategies in the BoF-McKinsey State of Fashion 2025.

The Best of BoF 2023: Diversity’s Litmus Test

In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.

The Year Ahead: The Future of Fashion Deal-Making

For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.

view more
Latest News & Analysis
Unrivalled, world class journalism across fashion, luxury and beauty industries.

Estée Lauder’s Surprise Acquisition, Explained

The American cosmetic giant’s buyout of Ayurvedic beauty line Forest Essentials came as a surprise. By picking an under-the-radar brand it knows well, the company can show that it’s still in the M&A game without needing to outbid rivals.

VIEW MORE

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.