default-output-block.skip-main
BoF Logo

The Business of Fashion

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

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 | Source: Shutterstock
By
  • Reuters

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

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

New CEO Tony Spring’s plan to shutter stores and improve products echoes previous efforts for revitalisation. To pull it off this time, the retailer must deliver transformational changes in the shopping experience.


In a partnership with resale service provider Reflaunt, the global logistics giant now offers a fulfilment, shipping and platforming solution for brand clients interested in entering the secondhand space.




view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024