Shop Talk

Retailers, consumers and prices

Check Out Line: Economy rains on Macy’s parade

By Jessica Wohl
October 10, 2008
economy | Macy's | shopping

macys.jpgCheck Out Macy’s slashing its 2008 profit outlook as it eyes the gathering storm clouds ahead.

Macy’s, which also runs the Bloomingdale’s chain, is the latest retailer to see consumers shy away from purchases of new fall clothes as they try to stay afloat in the economic downturn. Several clothing chains and department stores posted dismal September same-store sales earlier this week.

Macy’s same-store sales, or sales at stores open at least one year, fell 5.8 percent in August and September combined.  If trends remain weak, same-store sales could fall 3 percent to 6 percent for the entire fall season, Macy’s warned.  That’s well off its previous forecast for such sales to be flat to down 1 percent.

Also in the basket:

U.S. consumers lose faith in Fed, financial system

Takashimaya, H2O plan to merge in three years

Charming Shoppes lowers third-quarter outlook

(Photo: Reuters)

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