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Macy's cuts full-year forecast despite strong quarter, fearing shoppers will pull back on spending

CNBC LogoCNBC3 mo ago

Macy's cuts full-year forecast despite strong quarter, fearing shoppers will pull back on spending - CNBC

Quick Summary:

Macy's on Tuesday cut its full-year forecast, saying it anticipates deteriorating consumer spending on discretionary items like apparel.

Net sales fell slightly to $5.6 billion from $5.65 billion a year earlier.

Macy's reported inventory levels in the second quarter up 7% from prior-year levels.


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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-23 @ 11:07:05 (3 months ago)

News Timezone: GMT -5:00

Ranking: #1718 (out of 3138 stories this day)

News Source URL: cnbc.com

Language: English

Article Length: 453 words

Reading Time: 3 minutes read

Sentences: 39 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CNBC

News ID: 161068

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Main Topics: Economy

Official Website: cnbc.com

Update Frequency: 18 posts per day

Year Established: 2005

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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News Language: English

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API Access: Available (JSON, REST)

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Publisher ID: #5

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