Pursuits
Macy's Dimmer Outlook Sends Retail, Apparel Stocks Tumbling
- Investors jolted by fears that consumers just aren't spending
- Companies ranging from Wal-Mart to Michael Kors get hammered
Macy's Cuts Profit, Sales Forecasts as Revenue Misses
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A glum outlook from Macy’s Inc. renewed concerns about the broader retail industry, contributing to a stock rout for consumer companies such as Wal-Mart Stores Inc., Michael Kors Holdings Ltd., Ralph Lauren Corp. and Ross Stores Inc. on Wednesday.
Macy’s cut its profit forecast for this year and posted first-quarter revenue that missed analysts’ estimates -- a sign that slow foot traffic at shopping malls continues to take a toll on the largest U.S. department-store company.