The company joined other top retailers, including Kohl's and Target, in warning of a hit to profitability in recent weeks.
Macy's inventories were up 7% at the end of the second quarter, compared with a year earlier, prompting the department store chain to warn of increased markdowns to get back to normal stock levels by the end of the year. However, demand for formal and party-wear from middle and high-income shoppers returning to social events stayed strong, as they still remain relatively insulated from the effects of decades-high inflation.
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