Pursuits
Macy’s Plunges After Cutting Profit Outlook
- First-quarter revenue falls short of analysts' estimates
- Retailer announces plans to intensify cost-cutting efforts
Macy's Cuts Profit, Sales Forecasts as Revenue Misses
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Macy’s Inc., the largest U.S. department-store company, cut its profit forecast for this year and posted first-quarter revenue that missed analysts’ estimates as slow mall traffic hurt sales.
Full-year earnings will be $3.15 to $3.40 a share, down from an earlier projection of $3.80 to $3.90 a share, the Cincinnati-based company said in a statement on Wednesday. The company also cut its forecast for full-year sales, citing a double-digit drop in tourist spending and a slowdown in sales of some core categories.