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Macy's slashes outlook second time before holidays

Credit: Reuters Studio
Published on November 21, 2019 - Duration: 01:12s

Macy's slashes outlook second time before holidays

A gloomy quarter at department store Chain Macy's forced the company to cut its full-year outlook for a second time on the eve of the busiest time of the year.

Conway G.

Gittens has the details.

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Macy's slashes outlook second time before holidays

The deluge of retail earnings continued Thursday with disappointing quarterly results out of Macy's.

The humbled department store chain was forced to cut its 2019 profit outlook for the second time this year as a measure of in-store sales dropped for the first time in two years.

It blamed a delay in cold temperatures for hurting demand for winter clothing and a drop in international travelers who tend to spend big when coming through the doors.

Macy's, just like peer Kohl's which reported earlier this week, has struggled for some time to adopt to a changing retail landscape: more customers are shopping at so-called big-box retailers like Walmart and Target, as well as online giant Amazon.

All three of those companies posted solid results.

Not so for Macy's: quarterly profits plunged from a year ago to just $21 million, though not as bad as feared.

But Macy's CEO told investors not to fret over the holidays.

It has revamped stores, spruced up its inventory and upgraded its website -and says it is ready to compete for customers during the all-important holiday shopping season, which kicks off next week.

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