Consumer
Macy’s Falls After Cutting Outlook as Demand Trends Worsen
- Company points to economic factors weighing on purchases
- Sales fell at Macy’s, Bloomingdale’s while Bluemercury rose
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Macy’s Inc. said earnings will be weaker than previously expected for the full-year, underscoring the uncertainty around US consumer spending through the remainder of 2023.
The department-store retailer said it would take markdowns and other measures to address excess spring merchandise in order to meet current consumer demand. It lowered sales guidance to “reflect anticipated macroeconomic impacts to the consumer,” the company said.