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