Reginal Thomas
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Macy's Cuts Full Year Forecast After Two Horrible Quarters

Macy’s Inc. has cut its full year same store sales forecast, after a weak second quarter which saw sales fail to make up for the weak first quarter. The retailer blames harsh winter conditions that kept shoppers away. Earnings were also below the expectations of the average analyst estimate as the retailer heavily discounted items trying to win business and squeezing gross margins. Terry Lundgren Chief Executive at Macy’s said, “Many customers still are not feeling comfortable about spending more in an uncertain economic environment.”