Reported about 2 months ago
Macy's has reported a disappointing 3.8% drop in Q2 net sales to $4.9 billion, missing estimates, while same-store sales fell 4%. The company recently rejected a $6.9 billion buyout offer, choosing instead to focus on its turnaround strategy, 'A Bold New Chapter', which involves closing underperforming stores and enhancing digital sales. Despite a notable increase in adjusted earnings, Macy's lowered its revenue outlook for the rest of the year amidst ongoing economic pressures.
Source: YAHOO