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Macy’s (M) Stock Slides on Weak Department Store Sales

NEW YORK (TheStreet) -- Shares of Macy's (M) are falling 6.91% to $32.88 mid-afternoon Tuesday following slow department store sales in July.

Macy's suffered a sales downturn in July despite improving trends in May and June, Cleveland Research said in a note cited by Bloomberg.

The sales slowdown has forced the Cincinnati-based retail giant to be more aggressive with markdowns, the firm added.

The National Retail Foundation is forecasting a rise in back-to-school budgets this year but June data from the Commerce Department showed that households are fueling their spending from...