Macy's falling short of the $6.15 billion forecast by Wall Street analysts. The company dropped its full-year earnings forecast a full 50 cents, from $4.70 to $4.80 per share down to $4.20 to $4.30 per share.
Comparable store sales also tumbled by 3.9%. That was far worse than the expected negative 0.4% drop.
The New York Times offered a number of plausible excuses for Macy’s poor performance, including warm weather and a strong dollar. But the bottom line is people simply aren’t buying as much stuff, as indicated by Macy’s chairman Terry J. Lundgren in his statement: Read more
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