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Macy's shares plunge as weak holiday sales prompt forecast cut


Added 01-10-19 11:03:01am EST - “Shares of Macy's Inc plunged 17 percent in early trading on Thursday, after...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Macy's shares plunge as weak holiday sales prompt forecast cut”. Below is an excerpt from the article.

(Reuters) - Shares of Macy’s Inc (M.N) plunged 17 percent in early trading on Thursday, after the department store operator cut same-store sales forecast for the crucial holiday quarter due to weak demand during mid-December.

Sales from Macy’s stores and third-party licensees open for more than 12 months is now expected to grow about 2 percent, lower than a prior forecast of between 2.3 percent and 2.5 percent.

“The holiday season began strong – particularly during Black Friday and the following Cyber Week, but weakened in the mid-December period and did not return to expected patterns until the week of Christmas,” Chief Executive Officer Jeff Gennette said in a statement.

Macy’s weak holiday forecast follows downbeat numbers from rivals J.C. Penney Corp (JCP.N) and Kohls Corp (KSS.N).

Macy’s said that the overall sales growth was largely offset due to underperformance in certain categories such as women’s sportswear, fashion jewelry and cosmetics as well as challenges in fulfilling online orders after a fire in its distribution center.

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