Check 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.
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Charming Shoppes lowers third-quarter outlook
(Photo: Reuters)
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