Macy’s is blaming “warm weather” and “low spending from tourists” for a massive drop in sales and excessive on hand inventory, which has now caused them to cut their full-year sales forecast.
However, given the severity of the backlash against Macy’s over their initial disparagement’s of Donald Trump [June/July 2015], and considering the ongoing visible impacts of “Cold Anger” – perhaps this is more an effect of boycotts AND/OR weather.
(Reuters) […] Macy’s Chief Executive Terry Lundgren said on a conference call he was not happy with the company’s performance in the quarter ended Oct. 31.
Sales at stores open at least a year fell 3.6 percent in their third straight quarterly decline. Analysts on average had expected 0.2 percent growth, according to research firm Consensus Metrix.
[…] “We are disappointed that the pace of sales did not improve in the third quarter, as we had expected,” Lundgren said.
Macy’s slide in sales has lasted several quarters and Lundgren said the company would increase the focus of its turnaround plan, including product mix in stores and more experimentation with online sales.
[…] Net income attributable to shareholders fell 45.6 percent to $118 million, or 36 cents per share, partly due to a charge for some planned store closings.
Net sales fell 5.2 percent to $5.87 billion, the third straight quarter of declines and below the analysts’ average estimate of $6.09 billion, according to Thomson Reuters I/B/E/S. (read more)