Macy's lower after sales and margins miss estimates

Macy's (NYSE:M) reports comparable-store sales rose 4% in Q2. The tally includes sales for departments licensed to third parties.

Gross margin rate -40 bps to 41.4%.

Merchandise inventories -2.5% to $5.42B.

Guidance: Full-year EPS range of $4.40-$4.50 maintained; comp sales gain of 1.5% to 2% forecast.

M -4.2% premarket

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