Why Macy's Stock Tumbled 18.2% in September
Shares of Macy's (NYSE: M) fell 18.2% in September, according to data from S&P Global Market Intelligence, as steep second-quarter losses had investors worried it could eventually follow department store chain J.C. Penney into bankruptcy.
Although the retailer's results were better than Wall Street expected, that only means Wall Street had set the bar exceptionally low -- because its performance wasn't all that exceptional. Sales were down 36% for the quarter to $3.56 billion on a 35% plunge in comparable-store sales. It lost $0.81 per share for the period.
Image source: Macy's.
Source Fool.com
