Macy's expects holiday-quarter sales at low end of forecast
Add BT as a preferred source
MACY’S said on Friday (Jan 6) it expects fourth-quarter sales to come in at the lower end of its previously announced forecast, blaming a deeper-than-expected lull in shopping between the major holidays of the season.
The company’s shares fell 3.5 per cent in extended trading.
“Based on current macroeconomic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half,” Macy’s chief executive officer Jeff Gennette said in a statement.
The department store chain had previously forecast fourth-quarter net sales of US$8.16 billion to US$8.40 billion. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
