In its earnings report, Macy's said excess inventory during the spring season forced the company to cut prices in order to move merchandise, which weighed on profits. The company is now expecting to earn between $2.85 and $3.05 a share this fiscal year, down from a range of $3.05 to $3.25., as annual sales at U.S department stores fell 20% from 2017 to 2018 and are on pace to drop even further this year, according to the U.S. Census Bureau.
More and more shoppers are steering clear of shopping malls and instead turning to online clothing platforms like
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