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Macy’s Inc (NYSE: M) cut its full-year forecast as consumers spend less of discretionary items such as apparel.
This comes after the company topped analysts’ expectations for the second quarter. The retailer posted revenue of $5.6 billion, beating expectations of $5.49 billion, according to Refinitiv.
In the quarter, net income of the company fell to $275 million, or 99 cents per share, from $345 million, or $1.08 a share, a year earlier.
Macy’s now expects revenue in a range of $24.34 billion to $24.58 billion for the fiscal 2022, down from prior estimates of $24.46 billion to $24.7 billion.
Picture Credits: Getty Images
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