Macy's fell 9.21% to $15.18 on the New York market after lowering its annual profit forecasts. The department store brand reported adjusted earnings per share of 4 cents for its third fiscal quarter, slightly above forecasts: 3 cents. The American firm generated an adjusted turnover of 4.74 billion dollars, where the consensus targeted 4.73 billion.
Macy's, which faces increased holiday promotions amid weak demand, now expects earnings per share of $2.25 to $2.50 for the year, up from a previous estimate of $2.34 to $2.69.
But the company expects sales of $22.3 billion to $22.5 billion for the year, up from $22.1 billion to $22.4 billion previously.
Last month, the department store chain delayed its quarterly results after discovering that a single employee made erroneous entries to conceal approximately $151 million in delivery expenses between the fourth quarter of 2021 and the third quarter of 2024 .
Earlier this week, the Wall Street Journal reported that activist investor Barington Capital, which had acquired a stake in the American department store chain, was urging it to reduce its expenses and consider creating a separate real estate division within the company.
