Macy's Announces Disappointing Earnings Results Today
Wednesday, August 12, 2015 at 3:08PM Macy’s delivered their quarterly earnings today, stating that earnings and revenue fell short of expectations. They also announced a revision in its 2015 sales forecast.
Analysts expected earnings per share of $0.76 and revenue of $6.23 billion. Macy’s earned $0.64 per share, down from $0.80 this quarter last year. Revenue fell to $6.1 billion from $6.27 billion a year ago.
Macy’s shares were down 3.5% following the announcement.
"The consumer didn't shop in our categories to the degree that we thought the consumer would," Macy’s Chairman and CEO Terry Lundgren said, citing slowing tourism as a drag on sales. European, Chinese and Brazilian tourists "are not coming to America, and the strength of the dollar is impacting that."
Macy’s also cut its sales forecast for the year to a 1% decline, compared to previous expectations of 1% growth.
Source: CNBC