(Reuters) – Macy’s Inc (M.N) slashed its full-year earnings forecast on Wednesday after lacking estimates for quarterly revenue for the primary time in a minimum of two years, because it discounted merchandise closely to clear spring stock, sending its shares down 17%.

FILE PHOTO: The Macy’s brand is pictured on the facet of a constructing in down city Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake/File Picture

The biggest U.S. division retailer operator, whose flagship constructing in Manhattan is a serious vacationer attraction, blamed a bigger-than-expected decline in vacationer spending for the shortfall together with weak demand for its…

Source link