Macy's Shares Are Tanking After An Ugly Earnings Report (M)
Macy's shares fell 5% in premarket trading after the company reported quarterly earnings that missed analysts' expectations.
Macy's same-store sales rose just 3.4% in the second quarter, compared to last year.
The company reported a profit of 80 cents a share, up from 72 cents a year ago, and revenue increased to $6.27 billion from $6.07 billion last year.
Analysts were expecting a profit of 86 cents a share on revenue of $6.3 billion.
The company said its expectations for the second half of 2014 remain on track, with an outlook of same-store sales growth of 2% to 3%.
"We are approaching the second half of 2014 with confident optimism in our business strategies, merchandise assortments and marketing plans, tempered with the reality that many customers still are not feeling comfortable about spending more in an uncertain economic environment," Macy's Chairman and CEO Terry J. Lundgren said in a release.
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