Aug 14 (Reuters) - Macy’s Inc Chief Executive Officer Jeff Gennette said on Wednesday that the department store chain would not raise prices on products if the Trump administration goes ahead with its latest 10% tariffs.
Shares of retailers, including Macy’s, jumped on Tuesday after the Office of the U.S. Trade Representative announced it is delaying proposed tariffs on clothing, footwear and a number of other items until Dec. 15.
Macy’s said it had raised prices in some categories such as luggage, housewares and furniture during the previous rounds of levies.
On a post-earnings call Gennette said the previous rounds of tariffs showed that “the customer had very little appetite” for cost increases.
Shares of the company slumped 17% on Wednesday after it slashed its full-year earnings forecast and missed quarterly profit expectations by a wide margin. (Reporting by Aishwarya Venugopal in Bengaluru)