Wednesday, August 14, 2019

Macy's sinks as poor spring season hits profit

Macy’s Inc. cut its full-year earnings forecast on Wednesday after missing estimates for quarterly profit for the first time in at least two years, as it discounted heavily to clear spring inventory, sending its shares down 17%.

The department store chain, whose flagship building in Manhattan is a major attraction for tourists, blamed a bigger-than-expected decline in tourist spending for the shortfall along with weak demand for its own-brand women’s sportswear.. . . more