Macy’s lowered its full-year gross sales and earnings outlook, citing a pullback in discretionary spending and an industrywide inventory glut that may drive extra markdowns and promotions.
The retailer on Tuesday trimmed its web gross sales forecast to between $24.34 billion and $24.58 billion, from a spread of $24.46 billion to $24.7 billion. It now expects earnings of between $4 and $4.20 a share, in contrast with its prior forecast of between $4.53 and $4.95 a share.
