Macy’s Says Holiday Sales Were Weaker Than It Expected

Macy’s Inc. expects to report fourth-quarter sales that were weaker than previously forecast and sees continued pressure on the consumer in 2023.

Net sales are now expected to be at the low end to midpoint of the previously issued range of $8.2 billion to $8.4 billion, Macy’s said Friday. The company reiterated its previous guidance for adjusted earnings per share and said inventories are on track to be slightly below last year.