Macy's Lowers Annual Profit Forecast Amid Accounting Misstep, Stock Tumbles

On Wednesday, Macy’s Inc M reported third-quarter sales of $4.74 billion, beating the consensus of $4.72 billion.Macy’s net sales decreased 2.4%, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis.Sales growth at Macy’s First 50 locations, Bloomingdale’s, and Bluemercury was offset primarily by weakness in Macy’s non-First 50 locations, digital channels, and cold weather categories.Also Read: Macy’s Delays Q3 Earnings Report Amid Investigation Ov ...