(Reuters) – Macy’s Inc (N:) reported a bigger-than-expected fall in quarterly same-store sales and cut its full-year profit forecast on Thursday, blaming weak international tourism and sluggish mall traffic.
Shares of the department store operator slipped 4% in premarket trading.
Comparable sales at Macy’s owned and licensed stores fell 3.5% in the third quarter ended Nov. 2, bigger than the 1% decrease analysts had expected, according to IBES data from Refinitiv.
The company now expects 2019 adjusted profit of between $2.57 per share and $2.77 per share, compared with its previous forecast of between $2.85 and $3.05.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.