Cautious consumers hurt Macy's sales in Q2

|About: Macy's Inc. (M)|By:, SA News Editor

Macy's (M) says right off the bat that sales were softer than anticipated in Q2 due to consumers pulling back on purchasing discretionary items.

Comparable store sales fell 0.8% during the period, inclusive of Macy's typically-strong online business.

The retailer forecasts comparable-store sales to increase in a 2.5%-4% range during H2 and sets full-year EPS guidance at $3.80-$3.90 vs. $3.90-$3.95 prior.

Shares of Macy's -3.6% premarket.