What the numbers say: Macy's has seen its stock price drop over the past two years. Against a tougher landscape for retail chains, Macy's stock price has dropped to under $14 for the first time since early 2021. It is hard to imagine that it will rebound and reach pre-pandemic levels that it previously held. Relevance: Macy's cut its full-year forecast on sales and profits as slowing demand for apparel and accessories has hit the department store hard. The Chief Executive, Jeff Gennette, said that sales trends began to weaken in March. The chain will begin to up its promotional sales to clear out spring inventory before it adjusts its merchandising plans moving forward. Other trends: Inflation has affected consumer spending, with shoppers prioritizing bargains and food over apparel and accessories. Walmart and BJ's saw strong gains from a year ago. Companies like Dollar General were similar to Macy's and lowered financial targets. |
