Macy’s lowers its annual sales and earnings forecast
August 23, 2022
Macy’s reported a 1.5 percent decrease in same-store sales and its online revenues declined five percent in the most recent quarter. The results exceeded Wall Street’s expectations, but the retailer is lowering its annual forecast as it cuts prices and margins to move excess inventory. Macy’s said it has reduced orders to bring its inventory in line with customer demand.
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