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
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Macy's is about to report earnings. Here's what you need to knowMacy's shares are down more than 50% from a year ago. The company has been hit along with other department store operators. they still hate trump
Source: CNBC - 🏆 12. / 72 Read more »
Macy's shares tank 13% as deep discounting leads to big earnings miss, cut forecastMacy's shares are down more than 50% from a year ago. The company has been hit along with other department store operators. Maybe if they cut prices retail prices they would see an increase in total revenue thus increasing share prices Deep discounting can lead to lower profits. “Intro to Business 101”
Source: CNBC - 🏆 12. / 72 Read more »
The charts are pointing to a rally for Cisco on earnings, says traderCisco is reporting earnings Wednesday, and one trader says the stock's about to bounce back.
Source: CNBC - 🏆 12. / 72 Read more »