This article was originally published on Washington times - National. You can read the original article HERE
NEW YORK (AP) — Macy’s swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials.
The company, which also operates upscale Bloomingdale’s stores and cosmetics chain Bluemercury, cut its annual sales forecast given what it called “a more discriminating consumer” and the need to roll out more sales to entice them.
The company reported a profit of $150 million, or 53 cents per share, in the three months ended Aug. 3, topping Wall Street expectations for per-share earnings of 30 cents, according to a survey by FactSet. It’s also a rebound from the loss of $22 million, or 8 cents per share, in the same period a year ago.
Yet sales fell nearly 4% to $4.94 billion, from $5.13 billion last year, and below the $5.06 billion that industry analysts were looking for.
Shares slumped 8% before the opening bell Wednesday.
This article was originally published by Washington times - National. We only curate news from sources that align with the core values of our intended conservative audience. If you like the news you read here we encourage you to utilize the original sources for even more great news and opinions you can trust!
Comments