Macy's had a rough spring. It's the latest sign of pressure on the battered department store sector.
New York Macy's had a rough spring. It's the latest sign of pressure on the battered department store sector.
Macy's profit fell 48% during its spring quarter compared with the same period a year ago, the company said in earnings on Wednesday. Macy's lowered its profit expectations for the remainder of the year.Investors quickly sold off Macy's stock, driving it down as much as 16% during early trading. Heading into Wednesday, shares of Macy's had fallen 34% this year.
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