- Macy’s Inc said on Wednesday the latest tariffs on Chinese imports by Washington are hitting its furniture business and warned investors that additional levies would leave its clothing and accessory categories vulnerable as well.
Gennette said any escalation of tit-for-tat tariffs was not factored into the company’s annual outlook and that the company would do what it could to minimize the effect on customers.Washington dramatically escalated its 10-month trade war with Beijing on Friday by raising levies on $200 billion of Chinese goods in the midst of trade talks, and U.S. President Donald Trump has threatened new tariffs on all remaining U.S. imports from China, sending global financial markets into a tailspin.
Like its peers, the Cincinnati, Ohio-based department store chain, which has closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted, faltered in the past few years as it struggled to adjust to a fiercely competitive retail landscape where shoppers buy more goods online at places like Amazon.com Inc.
Sales at Macy’s stores open more than 12 months, including sales in department stores licensed to third parties, rose for the sixth straight quarter. They were up 0.7%, above the average analyst estimate of a 0.3% rise, according to research firm Consensus Metrix.
Blame Trump. I reckon if this trade war escalates some shops may have to close...which is detrimental to the economy. The victims will be workers... Hopefully Trump will wake up from his sleep pretty soon...
Well stop importing Chinese trash then. Macy's should be a proud advocate of 'Made In U.S.A' products. You are meant to be an American icon. Not peddling cheap junk from the other side of the world, made in what is essentially a slave state.
Compared to a lot of products in the USA, Macy’s furniture seems like good value
Even kids know that, but Trump doesn’t!
I was in Macy's two weeks ago - walked out empty handed when I figured that after the exchange rate calc, it was cheaper to buy the same goods in Australia! Tariffs will hurt the US economy... ECON101
Macy's sales have been down for years. Blaming it on the tariffs is convenient, but doesn't address the main issues for the company. Buy American.
But trade wars are good and easy to win, right? Trump is totally clueless.
What about BOB’s discounts?
Macy's need to buy from USA instead of China.
To ba
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Source: CNBC - 🏆 12. / 72 Read more »