Macy’s sales slip, says shoppers are to blame
NEW YORK – Macy’s Inc. reported a disappointing profit for its second quarter and cut its outlook for the year on Wednesday. The department store chain blamed shoppers’ reluctance to spend for a rare slip in sales.
Its shares fell nearly 5 percent in regular trading. Over the past year, its stock is up almost 27 percent.
The second-quarter weakness raises worries about consumer spending, an important part of the economy, and how other merchants fared during the spring and early summer.
Macy’s, the first of the major retailers to report second-quarter results, has been a standout among its peers throughout the economic recovery. It’s a barometer of spending among middle- to upper-income shoppers.
Wal-Mart Stores Inc., Kohl’s Corp. and Nordstrom Inc. are among the major retailers scheduled to report later this week.