Macy's cuts outlook after disappointing sales - MarketWatch

Macy's cuts outlook after disappointing sales - MarketWatch

Macy's Inc. M -3.18% said its fiscal second-quarter profit rose to $281 million, or 72 cents a share, from $279 million, or 67 cents, a year earlier. Sales fell 0.8% to $6.07 billion. Comparable sales declined 0.8%. The company cut its full-year comparable sales guidance to a gain of as much as 2.9% from a prior forecast of 3.5%. It also cut its profit outlook to $3.80 to $3.90 from a prior range of as much as $3.95 a share. Analysts, on average, were looking for profit of 78 cents a share in the second quarter and $3.95 a share for the year, according to FactSet. Macy's dropped 3.3% in premarket trading.