Macy’s Tanks After Forecast Cut, Signaling Department-Store Woes
- Peers Nordstrom, Kohl’s dip after disappointing results
- Lower outlook doesn’t even take into account new tarriff round
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Macy’s Inc. plunged after a worse-than-expected second quarter underscored investor fears that the teetering department-store industry is slated for more pain ahead.
The retailer, the first of its peers to report earnings, slashed its profit outlook for the year -- and it warned that the cut doesn’t even take into account the next round of Chinese tariffs, some of which will hit as soon as Sept. 1.