A DISAPPOINTING SECOND QUARTER: Macy’s earned $281 million, or 72 cents per share, for the three-month period ended Aug.3. That’s short of the 78 cents per share analysts expected. Revenue slipped to $6.07 billion, also short of the $6.26 billion analysts expected, according to FactSet.
WHAT’S BEHIND THE WEAKNESS: Macy’s blamed a shift in consumer spending toward autos and home improvement and away from apparel as the main factor.
WHAT’S NEXT: Macy’s lowered its full-year earnings forecast to $3.80 to $3.90 per share, down from the previous range of $3.90 to $3.95 per share.