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Macy’s Malaise Isn’t Letting Up

It is hard to see what will save the American department store.

Macy’s Inc., M 1.02 % the largest such operator in the U.S., has fallen victim to online shopping, dwindling store traffic and increasing competition from discount retailers. It kicked off the year with its lowest quarterly sales since the recession and warned that the rest of the year wouldn’t be much better. Shares have lost half their value over the past 12 months.

While that sets a low bar for Macy’s second-quarter results, out Thursday, even a positive surprise is unlikely to change a difficult longer-term outlook. Analysts polled by FactSet estimate earnings of 45 cents a share, down 30% from a year ago. Revenue is expected to have...