Macy's falls on annual sales forecast cut

Nordstrom

21/08/2024 15:19

(Updates)
    ** Department store operator Macy's  M.N  stock recorded its
biggest percentage drop in a year, falling as much as 13.9% to
$15.28
    ** Co lowers its annual sales expectation to $22.1 bln-$22.4
bln vs prior range of $22.3 bln-$22.9 bln on higher promotions,
weak demand
    ** Macy's posts Q2 sales of $4.9 bln, missing LSEG estimates
of $5.12 bln
    ** Co also forecasts current-quarter sales, profit below
estimates raising concerns of softer back-to-school demand at
its stores
    ** "This is not a bright picture for Macy's but it's
certainly not a new concept that Macy's continues to struggle as
do all department stores," said Art Hogan, chief market
strategist at B. Riley Wealth
        ** Shares of peers Nordstrom  JWN.N  and Kohl's  KSS.N 
down 4.3% and 1.4%, respectively
    ** Up to last close, M stock down nearly 12% YTD

 (Reporting by Anuja Bharat Mistry and Juveria Tabassum in
Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com))