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Macy's Cuts Forecast After Sales Drop

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.

Macy's store. — Macy's store. (Shutterstock)

By

Reuters

21 November 2019

CINCINNATI, United States — Macy's Inc. reported a bigger-than-expected fall in quarterly same-store sales and cut its full-year profit forecast on Thursday, blaming weak international tourism and sluggish mall traffic.

Shares of the department store operator slipped 4 percent in pre-market trading.

Comparable sales at Macy's owned and licensed stores fell 3.5 percent in the third quarter ended November 2, bigger than the 1 percent decrease analysts had expected, according to IBES data from Refinitiv.

The company now expects 2019 adjusted profit of between $2.57 per share and $2.77 per share, compared with its previous forecast of between $2.85 and $3.05.

By Uday Sampath; editor: by Sriraj Kalluvila

In This Article

Topics

Retail

Organisations

Location

Cincinnati, United States

Tags

Department Stores

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