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7 months ago
Macy's cuts 2016 adjusted profit forecast as holiday sales weigh
January 4, 2017 / 9:58 PM / 7 months ago

Macy's cuts 2016 adjusted profit forecast as holiday sales weigh

Jan 4 (Reuters) - Macy's Inc, the biggest U.S. department store operator, cut its 2016 adjusted profit forecast, largely due to weak holiday season sales.

The company's shares were down 8.9 percent at $32.63 in extended trading on Wednesday.

Macy's cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from $3.15-$3.40 per share it previously expected.

The company said its comparable sales on an owned plus licensed basis fell 2.1 percent in November and December. On an owned basis, comparable sales fell 2.7 percent during the period.

Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila

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