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Macy's cuts full-year same-store sales forecast
August 13, 2014 / 12:17 PM / 3 years ago

Macy's cuts full-year same-store sales forecast

Aug 13 (Reuters) - Macy’s Inc cut its full-year same-store sales forecast, saying a 3.3 percent rise in second-quarter sales would not make up for weakness in the first quarter when harsh weather kept shoppers away.

Shares of the company, which also owns the high-end Bloomingdale’s chain, were down 5 percent at $56.77 in premarket trading.

Macy’s said it expects same-store sales to increase 1.5 percent to 2 percent for the full year. It had earlier forecast an increase of 2.5 percent to 3 percent.

The company’s net income rose to $292 million, or 80 cents per share, in the three months ended Aug. 2 from $281 million, or 72 cents per share, a year earlier.

Sales rose to $6.3 billion from $6.1 billion, after declining about 2 percent in each of the last two quarters. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Don Sebastian)

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