Macy's sales and earnings whiff, stock slides

Macy’s shares fell as much as 3% in premarket trading on Wednesday after the retail giant reported first-quarter earnings and revenues that trailed expectations, with a dampened outlook for the year.

Macy’s posted 64 cents in adjusted earnings per share, down from 80 cents in the same quarter last year, and missing the consensus estimate for 76 cents according to Bloomberg.

Its sales fell to $US6.10 billion from $US6.27 billion a year ago, missing the estimate for $US6.22 billion.

In the statement, CEO Terry Lundgren said, “We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment.”

“In addition, as a result of the previous port slowdown, planned markdowns in many departments were delayed into the second quarter to clear merchandise that arrived late,” Lundgren added.

The company slashed its guidance for full-year sales, and now expects flat comparable sales compared to 2% previously guided.

More to come …

NOW WATCH: 5 Ways Retailers Trick You Into Spending More Money

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.