News

Macy's misses forecast expectations

May 15, 2017

Less sales translated into less profit for Macy's first quarter and the retailer failed to meet analysts' expectations regarding financial performance.

And the retail sales trend won't change anytime soon, the retailer acknowledged, according to a New York Times report.

Profit dipped 39 percent, to about 22 cents per share. The average analyst prediction was 35 cents per share. Sales at leading Macy's locations decreased 5.2 percent, reflecting the ninth consecutive drop in sales.