Macy’s cut its full-year earnings forecast after missing quarterly profit estimates for the first time in at least two years, sending its shares down 17%
) slashed its full-year earnings forecast on Wednesday after missing estimates for quarterly profit for the first time in at least two years, as it discounted merchandise heavily to clear spring inventory, sending its shares down 17%.
Tourist arrivals to the United States have taken a hit in the past year, hurt by a stronger dollar and escalating trade tensions between Washington and Beijing, denting the number of Chinese visitors to the country. “While they are controlling what they can control, the headwinds from both macro and micro factors continue to grow, creating a challenging backdrop for CEO Jeff Gennette to manage through,” said Gordon Haskett analyst Chuck Grom. “The good news is that they have a plan.”
Macy’s executives reassured investors on an earnings call Wednesday that the company is in “active discussions” with vendors and suppliers to mitigate tariffs and minimize customer impact in 2019 as much as possible.Analysts said the temporary tariff reprieve would not benefit retailers greatly. The company’s margins in the quarter fell to 38.8% from 40.4% a year earlier, hit hard by steep markdowns.
“We had a slow start to the quarter and finished below our expectations,” Chief Executive Gennette said in a statement.
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