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Tuesday saw retailer Macy’s (M, $19.31) cut its full-year forecast, stating that it anticipates deteriorating consumer spending on discretionary items like apparel that will force the department store chain to use heavy markdowns to move items off shelves.
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The revision comes despite Macy’s posting better-than-expected results for its second quarter. Same-store sales, or sales from stores that have been open at least a year, fell 1.5% from the previous year. Analysts polled by FactSet expected a 2% drop.
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Earnings for the second quarter came in at $275 million, compared with $345 million a year earlier. Stripping out one-time items, adjusted earnings were $1 a share. Analysts had been expecting 86 cents a share. While revenue stood at $5.6 billion vs. $5.49 billion expected.