8/23/2022, 1:04 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's lowers full-year sales and EPS guidance

Macy's stated on Tuesday in its latest earnings report that it decided to lower its full-year sales and Earnings per Share (EPS) guidance to include "risks related to increased macroeconomic pressures."

According to the company, net sales for Q2 amounted to $5.6 billion, virtually unchanged from last year. The company's EPS decreased by 8.3% to $0.99, while net income fell by 20% to $275 million.

"The company's lower outlook for the remainder of the year incorporates the risk it sees in the continued deterioration of consumer discretionary spending in some of its categories and the level of inventory within the industry, as well as risks associated with a more pronounced macro downturn," read the statement while adding that "this outlook reflects a careful view of the impacts of the pressures faced by the consumer and those placed on the business given the weakening macro environment."

Baha Breaking News (BBN) / JG