Thursday, January 10, 2019

Macy's shares plunge as weak holiday sales prompt forecast cut

Reuters
Shares of Macy’s Inc plunged 17 percent in early trading on Thursday, after the department store operator cut same-store sales forecast for the crucial holiday quarter due to weak demand during mid-December.

Sales from Macy’s stores and third-party licensees open for more than 12 months is now expected to grow about 2 percent, lower than a prior forecast of between 2.3 percent and 2.5 percent.. . . more