Reported about 22 hours ago
Macy's Inc. revised its sales outlook for the current quarter downwards, indicating that executives were overly optimistic about the holiday shopping season. The retailer now expects net sales to be at or below the previously anticipated range of $7.8 billion to $8 billion. During the nine weeks ending January 4, comparable sales remained flat compared to the previous year, prompting the company to focus on improving underperforming stores and enhancing popular product offerings. Macy’s had to deal with a recent accounting issue, further complicating its outlook.
Source: YAHOO