Macy’s shares plunge, highlighting US high street retailers’ plight
Even before Macy’s reported, department stores showed indications of point-of-sale weakness — and decreased tourism to the US
14 August 2019 - 17:53
New York — US retailer Macy’s plunged on Wednesday after a worse-than-expected second quarter underscored investor fears that the teetering department-store industry is slated for more pain.
The retailer, which is the first in its sector to report earnings, slashed its profit outlook for the year by 20c — and it warned that the cut doesn’t even take into account the next round of Chinese tariffs, some of which will hit as soon as September 1...
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