Why Macy's Stock Was Falling Today
Shares of Macy's (NYSE: M) were pulling back today after the department-store operator issued a weak sales result in its second quarter, even though profits were strong. As a result, the stock was down 12% as of 11:24 a.m. ET.
The retailer reported a revenue decline of 3.8% to $4.9 billion, which was well below estimates at $5.12 billion. Comparable sales were down 3.3%, showing that the business is continuing to lose customers in what's been a challenging environment for discretionary retailers.
Comparable sales were down 4.5% at the Macy's brand on an owned basis. Bloomingdale's was down 1.1%, but BlueMercury, its beauty brand, rose 2%.
Source Fool.com
