Macy’s offers a mixed outlook after reporting third quarter profit and sales declines
NEW YORK (AP) — Macy’s reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices.
The company, which also owns upscale Bloomingdale’s and the cosmetics chain Bluemercury, raised its annual sales expectations, but lowered profit projections citing the uncertain economic environment.
Shares of Macy’s Inc., based in New York City, tumbled 9% before the opening bell.
Заголовки