Macy's Lowers Annual Revenue Forecast on Weak Demand

Reuters08-21

Macy's lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spending dashes hopes of a turnaround in demand for big-ticket discretionary goods, sending its shares down 9% in premarket trade.

The company now expects annual net sales of $22.1 billion to $22.4 billion, compared with its prior forecast of $22.3 billion to $22.9 billion.

A weak forecast from home-improvement chain Home Depot (HD.N), opens new tab and slowing sales growth reported by e-commerce giant Amazon (AMZN.O), opens new tab this quarter also underscored persistent softness in demand for pricier discretionary purchases as high borrowing costs pressure consumer spending.

That has forced Macy's to offer more discounts in some categories to attract lower and middle-income consumers, hurting its margins despite benefits from a cost-savings plan under new CEO Tony Spring.

The company's second-quarter net sales fell 3.8% to $4.94 billion, compared with analysts' expectations for a 0.23% fall to $5.12 billion, according to LSEG.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

1

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2461846206?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-08-21 18:56","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2461846206","market":"us","top_or_hot":-1,"title":"Macy's Lowers Annual Revenue Forecast on Weak Demand","media":"Reuters","content":"<html><head></head><body><p>Macy&#39;s lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spending dashes hopes of a turnaround in demand for big-ticket discretionary goods, sending its shares down 9% in premarket trade.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/50b1ce5c509bb0806cac18a37040639b\" title=\"\" tg-width=\"822\" tg-height=\"843\"/></p><p>The company now expects annual net sales of $22.1 billion to $22.4 billion, compared with its prior forecast of $22.3 billion to $22.9 billion.</p><p>A weak forecast from home-improvement chain Home Depot (HD.N), opens new tab and slowing sales growth reported by e-commerce giant Amazon (AMZN.O), opens new tab this quarter also underscored persistent softness in demand for pricier discretionary purchases as high borrowing costs pressure consumer spending.</p><p>That has forced Macy&#39;s to offer more discounts in some categories to attract lower and middle-income consumers, hurting its margins despite benefits from a cost-savings plan under new CEO Tony Spring.</p><p>The company&#39;s second-quarter net sales fell 3.8% to $4.94 billion, compared with analysts&#39; expectations for a 0.23% fall to $5.12 billion, according to LSEG.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Macy's Lowers Annual Revenue Forecast on Weak Demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMacy's Lowers Annual Revenue Forecast on Weak Demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-21 18:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20240821:nFWN3K80OO:1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Macy's lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spending dashes hopes of a turnaround in demand for big-ticket discretionary goods, sending its shares ...</p>\n\n<a href=\"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20240821:nFWN3K80OO:1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"M","symbol_name":"梅西百货","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20240821:nFWN3K80OO:1","article_id":"2461846206","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2461846206","pubTimestamp":1724237801,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"Macy's lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spe","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"M":"梅西百货","BK4220":"综合零售","BK4585":"ETF&股票定投概念","BK4103":"百货商店","BK4588":"碎股"},"translate_title":"梅西百货因需求疲软下调年收入预期","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"M":0.9},"content_text":"Macy's lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spending dashes hopes of a turnaround in demand for big-ticket discretionary goods, sending its shares down 9% in premarket trade.The company now expects annual net sales of $22.1 billion to $22.4 billion, compared with its prior forecast of $22.3 billion to $22.9 billion.A weak forecast from home-improvement chain Home Depot (HD.N), opens new tab and slowing sales growth reported by e-commerce giant Amazon (AMZN.O), opens new tab this quarter also underscored persistent softness in demand for pricier discretionary purchases as high borrowing costs pressure consumer spending.That has forced Macy's to offer more discounts in some categories to attract lower and middle-income consumers, hurting its margins despite benefits from a cost-savings plan under new CEO Tony Spring.The company's second-quarter net sales fell 3.8% to $4.94 billion, compared with analysts' expectations for a 0.23% fall to $5.12 billion, according to LSEG.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2461846206"}