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Macy’s slashed its annual sales forecast on disappointing second quarter earnings as the iconic department store struggles to win over inflation-battered customers.The retailer has been forced to cut prices and offer more promotions on its mid- to high-end goods to compete with affordable rivals — but it still lost out on sales.The two chains recently raised their yearly forecasts on high earnings that beat estimates.
“Macy’s has been attritioning store traffic and sales for several quarters – this isn’t a surprise to investors,” Hitha Herzog, chief research officer at H Squared Research and part time faculty at Parsons School of Design, told The Post. The company said it dropped its yearly outlook to reflect a “more discriminating consumer” and “address the ongoing uncertainty” in the market.
The retailer saw some growth in its luxury cosmetic business in the second quarter, as Bluemercury comparable sales grew 2% in the second quarter.
Inflation Macy’S Target Walmart
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