Macy's cut its annual earnings forecast as department stores struggle to compete with big-box retailers and online conglomerates
Target on Wednesday posted another set of strong sales numbers and raised its full-year forecast.
Tourist arrivals to the United States have taken a hit in the past year, hurt by a stronger dollar, weaker pound, and escalating trade tensions between Washington and Beijing, denting the number of international visitors to the country.The company also said it had experienced some issues with its website “in preparation for the fourth quarter.”
“We expect a very competitive and difficult holiday quarter for the department store segment,” said research firm Retail Metrics founder Ken Perkins, citing expected steep promotions and discounts. The largest U.S. department store operator is also hoping a recent revamp will lure in holiday shoppers. It has closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted, but has completed a revamp of about 150 stores with refreshed interiors. It has also expanded discounted “Backstage” departments into more stores.
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