Macy’s issues cause retail stock slide
June 7, 2017
Macy’s triggered a sell-off in department store stocks, after warning Tuesday that gross margins would be worse than forecast in February. CFO Karen Hoguet said full-year gross margin was on pace to come in 60 to 80 basis points lower than margins last year. Macy’s stock dropped 8%, while Kohl’s, JC Penney, Nordstrom, and Sears were all down as well.
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