Macy’s Earnings Miss Shows Shoppers Seeking Discounts
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Macy’s Inc.’s latest quarterly results show cash-strapped shoppers are still on the hunt for bargains, putting pressure on retailers to cut prices in the back-to-school and holiday seasons.
The second-largest U.S. department-store chain posted earnings of 80 cents a share last quarter, missing the 86-cent average of analysts’ estimates compiled by Bloomberg. The Cincinnati-based company also cut its annual sales forecast, saying a second-half rebound was unlikely to make up for a sluggish year.