Macy's (M) 🦩shares slumped Wednesday after the retailer's second-quarter sales declined and it lowered its full-year guidance on weak consumer 𓂃spending and more promotions.

The biggest U.S. department store chain operator reported quarterly revenue fell 3.8% year-over-year to $4.94 billion, missing consensus estimates of analysts polled by Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Comparable store sales dropped 4.0% for owned locations and 3.3% on an owned-plus-licensed-plus-marketplace basis, also missing estimates. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.53 was better than forecasts.

Sales at its Macy's stores tumbled 4.4% and they fell 0.2% at Bloomingdale's, while Bluemercury sales increased 1.7%. Merchandise inventories were up 6.0%, higher than the company expected. It blamed that on the soft sales and "the decision to invest into areas of strength for the second half of 2024."

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Tony Spring explained that Macy's faced a "challenging consumer environment," but said the retailer exhibited "effective expense control throughout the organization." The company's selling, general🤪♐ and administrative (SG&A) costs fell by $7 million to $2.0 billion.

Macy's Lowers FY Sales Outlook Amid 'More Discriminating' Consumers

Macy's noted that it updated its outlook because of a "more discriminating consumer and heightened promotional environment relative to its prior expectations." The retailer now sees full-year net sales of $21.2 billion to $22.4 billion, down from the previous $22.3 billion to $22.9 billion. It anticipates adjusted EPS to be unchanged from the earlier $2.55 to $2.90.

Shares of Macy's sank 13% to $15.39 about 30 minutes after the opening bell Wednesday. They have lost nearly a quarter of their value year-to-date.