Macy's Cuts Full-Year Forecast As Lingering Effects Of Snow Weigh On Sales — forbes.com

The depths of August usually bring those lazy, hazy, crazy days of summer, but despite the sun and humidity retail giant Macy's Macy's still has winter on the brain: in reporting its second quarter earnings results Wednesday morning, Macy’s cut its full-year sales outlook, saying that the sales decline from the snowy first quarter is too steep a deficit to fully overcome in the next six months. Macy’s reported $6.3 billion in second quarter revenue, a figure that is in line with the analyst consensus and marks a 3.3% increase over revenue reported this time last year. Net income came in at $292 million, resulting in earnings of 80 cents per share — an improvement over the year-ago quarter’s 72 cents per share but growth that failed to meet the Street’s 86-cent per-share earnings estimate.

Read More