Macy 's shares sink as discounts to clear inventory hurt, tourism drops
Macy 's Inc cut its full-year earnings forecast on Wednesday after missing e...
The largest U.S. department store operator, whose flagship building in Manhattan is a major tourist attraction, blamed a bigger-than-expected decline in tourist spending for the shortfall along with weak demand for its own-brand women’s sportswear and for warm weather apparel.
The number of Chinese citizens arriving in the United States dipped 2.8% in the first six months of the year, according to the National Travel and Tourism Office.
Retailers like Macy’s have been burdened by a long-drawn trade war between the United States and China, which U.S. President Donald Trump escalated earlier this month by threatening to impose 10% tariffs on $300 billion worth of Chinese goods from Sept. 1. On Tuesday, the Trump administration delayed the 10% tariffs on some Chinese goods until Dec. 15.
“Only a small percentage of soft-good tariffs are actually getting delayed until December 15th and none have been removed yet,” UBS analyst Jay Sole wrote in a note, adding that, of the approximately 789 apparel and footwear categories on the original latest list of tariffs, only 17% have had tariffs delayed.
The company’s margins in the quarter fell to 38.8% from 40.4% a year earlier, hit hard by steep markdowns.
Net sales fell marginally to $5.55 billion, largely in line with estimates, while sales at its established stores rose 0.3%.
Macy’s shares, which have declined about 35% this year, opened at a near 10-year low. Shares were down about 15% at $16.50 in afternoon trading Wednesday.Read more: Reuters Top News
Thanks to trump's trade war.
Tumblr, Which Once Fetched $1.1B, Sold For Far Less By Verizon To Auttomatic Inc.Tumblr, once a major force in social media, founded by a 19-year-old and bought by Yahoo for $1.1 billion, has been unloaded by Verizon Media for far less than that to Auttomatic, the parent compan…
Macy's plummets to its lowest level in 9 years after slashing its profit forecastThe company's CEO cited rising inventory levels and a markdown for clearing spring stock as the biggest hits to Macy 's bottom line.
Macy's shares tank 13% as deep discounting leads to big earnings miss, cut forecast Macy 's shares are down more than 50% from a year ago. The company has been hit along with other department store operators. Maybe if they cut prices retail prices they would see an increase in total revenue thus increasing share prices Deep discounting can lead to lower profits. “Intro to Business 101”
Oil prices drop as data shows surprise climb in U.S. inventoriesOil prices fell on Wednesday after industry data showed U.S. crude inventories u...
Macy's is about to report earnings. Here's what you need to know Macy 's shares are down more than 50% from a year ago. The company has been hit along with other department store operators. they still hate trump
Macy's sinks as poor spring season hits profit Macy ’s cut its full-year earnings forecast after missing quarterly profit estimates for the first time in at least two years, sending its shares down 17% 🚨🚨🚨🚨 Overpriced and outdated items unfriendly staff too