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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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