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Macy’s Cuts Forecast After Disappointing Quarter, Shares Fall 17%

Macy's
Photo Credit: Nicholas Eckhart via Flickr cc

Macy’s is the first of its peers to release a report on its second quarter, and the results were bad enough that other department store retailers’ shares fell along with Macy’s. Kohl’s and Nordstrom saw their stock fall on Macy’s disappointing quarter, and the entire sector is bracing for more bad news as JCPenney prepares to release its results.

The retailer, the first of its peers to report earnings, slashed its profit outlook for the year — and it warned that the cut doesn’t even take into account the next round of Chinese tariffs, some of which will hit as soon as Sept. 1.

Read the full story at Bloomberg.