Consumer
Macy’s Falls as Markdowns to Clear Inventory Cut Into Sales
- Sales, down from a year earlier, beat average estimate
- CEO Gennette points to ongoing macroeconomic uncertainty
A Macy's store in Los Angeles, California, US.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Macy’s Inc. comparable sales beat analyst expectations, but a significant drop from a year ago shows that department store customers are pulling back on purchases.
While US shoppers are spending at stores like Walmart Inc. for necessities, as well as forking out cash on travel and entertainment, outlays for apparel and accessories have fallen from record highs during the pandemic.