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Cautious consumers hurt Macy's sales in Q2

  • 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.
  • PR
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