Macy’s (NYSE:M) lowered its full-year sales and earnings guidance on Thursday after reporting a decline in fiscal first-quarter comparable sales amid weakness in discretionary spending caused by macro-level impacts.
The department store chain’s net sales guidance was lowered to a range of $22.8 billion to $23.2 billion from a prior view of $23.7 billion to $24.2 billion. Macy’s expects its comparable owned-plus-licensed sales to decline 6% to 7.5% this year, compared with the previous outlook of a 2% to 4% drop.
The company’s adjusted per-share earnings guidance was shifted down to between $2.70 and $3.20 from $3.67 to $4.11. Analysts surveyed by Capital IQ had been expecting full-year revenue of $24.01 billion and normalized EPS of $3.72. Shares of Macy’s were down 3% in Thursday trade.