Macy's cuts full-year forecasts as
inflation hits department store spending
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[August 23, 2022]
(Reuters) -Macy's Inc cut its
full-year sales and profit forecasts on Tuesday as decades-high
inflation saps consumer spending power for apparel and other
discretionary products, especially among lower-income shoppers.
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![](../images/082322PIX/busine34.jpg)
The inside of a Macy's department store is
seen in Douglaston, New York, U.S. January 5, 2017. REUTERS/Shannon
Stapleton/File Photo |
The
department store chain joins rival Kohl's Corp in seeing its
sales squeezed by a slump in demand for casual and athleisure
apparel, and steeper discounts to get rid of excess inventories.
Macy's said it expects fiscal 2022 adjusted earnings of $4.00 to
$4.20 per share, compared with its previous forecast of $4.53 to
$4.95 per share.
The company forecast 2022 net sales of $24.34 billion to $24.58
billion, compared with its previous outlook of $24.46 billion to
$24.70 billion.
Comparable sales at Macy's owned stores fell 1.5% in the second
quarter, compared with analysts' estimates of a 2.2% fall,
according to Refinitiv IBES data.
(Reporting by Uday Sampath in Bengaluru; Editing by Shounak
Dasgupta)
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