The company's CEO cited rising inventory levels and a markdown for clearing spring stock as the biggest hits to Macy's bottom line.
Macy's tumbled to its lowest intraday levels since 2010 after missing second-quarter estimates and lowering its 2019 profit expectations. The retail giant's CEO attributed the loss to rising inventory and a markdown related to clearing spring stock before fall products hit shelves. The chain's revised annual expectations don't take the next set of US tariffs into account.
Macy's tumbled to its lowest intraday levels since 2010 after missing second-quarter estimates and lowering its 2019 profit expectations. The retail giant's CEO attributed the loss to rising inventory and a markdown related to clearing spring stock before fall products hit shelves. The chain's revised annual expectations don't take the next set of US tariffs into account.
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