Second quarter sales at industry customer Macy’s did not meet expectations and the company lowered its full year same store sales guidance.
The company said it was disappointed in the results, and blamed several factors including the elimination of a major sale event, delayed markdowns, which were an aftereffect of the port strike, restrained consumer spending, and the strong U.S. dollar, which has dampened international tourist spending in certain locations.
Total sales declined 2.6% to $6.1 billion.
Same store sales fell 1.5%. Year-to-date same store sale are down 0.8%.
Net income declined 25% to $217 million.
The company now expects same store sales for the full year to be flat. Previously, the company had estimated same store sales would rise 2%.
