close

Macy’s feels weak tourist spending in 2QA

1 min read
    •
article image -

NEW YORK (AP) — Macy’s is reporting a 26 percent drop in profits and a sales shortfall after it was hobbled by weak tourist spending and West Coast port delays in the second quarter.

Macy’s earned $217 million, or 64 cents per share, in the quarter ended Aug. 1. That compares with $292 million, or 80 cents per share, in the year-ago period.

Revenue was down 2.6 percent to $6.1 billion from $6.26 billion.

Analysts had expected 76 cents per share on sales of $6.22 billion, according to FactSet.

Macy’s also said Wednesday that it plans to beginning selling goods in China this year through Alibaba, the giant online retailer.

CUSTOMER LOGIN

If you have an account and are registered for online access, sign in with your email address and password below.

NEW CUSTOMERS/UNREGISTERED ACCOUNTS

Never been a subscriber and want to subscribe, click the Subscribe button below.

Starting at $3.75/week.

Subscribe Today