REUTERS: Macy's Inc cut its full-year earnings forecast on Wednesday after missing estimates for quarterly profit for the first time in at least two years, as it discounted heavily to clear spring inventory, sending its shares down 17per cent.
The number of Chinese citizens arriving in the United States dipped 2.8per cent in the first six months of the year, according to the National Travel and Tourism Office. " send out a clear signal that Macy's must do more not only to revive current performance but also to secure its long-term future," said Neil Saunders, managing director at research firm GlobalData."A further issue is the failure to develop more compelling own brands. Macy's is way behind the curve on this."
For the second quarter ended Aug. 3, net income attributable to Macy's shareholders slumped 48per cent to US$86 million, or 28 cents per share.
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