— didn't perform as well during the first quarter this year thanks to the Easter holiday falling later in the season and spring weather being wetter and cooler for much of the country, encouraging more shoppers to stay indoors. That's coupled with the fact that many consumers are receiving less money back in the form of tax refunds this year — money that many people, when they get it, use to splurge on something for themselves like clothes, jewelry or shoes.
Macy's in particular has been trying to clean up its apparel offering, as its inventories have been inflated in the past, with items left sitting on shelves unsold and thus pressuring profits.
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