Macy's cuts profit outlook as tariffs, promotions hit its business
1. Macy's lowered full-year profit guidance despite beating quarterly earnings expectations. 2. Revised earnings per share forecast cuts range to $1.60 to $2 for fiscal 2025. 3. Comparable sales declined 2.1% year over year in the fiscal first quarter. 4. Macy's plans to close about 150 underperforming stores by early 2027. 5. Bloomingdale's sales rose 3.8% year over year, contrasting with Macy's name brand decline.