Macy’s stock slides 9% amid sales miss and lowered guidance as consumer remains challenged

Macy’s Inc.’s stock slid 9% in premarket trade Thursday, after the department store chain posted weaker-than-expected fiscal first-quarter sales and cut its...

Macy’s Inc.’s stock M slid 9% in premarket trade Thursday, after the department store chain posted weaker-than-expected fiscal first-quarter sales and cut its full-year guidance to reflect a challenged consumer. The New York-based company posted net income of $155 million, or 56 cents a share, for the quarter to April 29, down from $286 million, or 98 cents a share, in the year-earlier period. Adjusted per-share earnings were also 56 cents, ahead of the 45 cent FactSet consensus.

Adjusted per-share earnings were also 56 cents, ahead of the 45 cent FactSet consensus. Sales fell to $4.982 billion from $5.348 billion, below the $5.014 billion FactSet consensus. Same-store sales fell 7.2%, while FactSet expected a decline of 5.5%. “We planned the year assuming that the economic health of the consumer would be challenged, but starting in late March, demand trends weakened further in our discretionary categories,” CEO Jeff Gennette said in a statement.

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