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Macy's posts bigger-than-expected drop in same-store sales, cuts outlook

Credit: REUTERS/BRENDAN MCDERMID

Macy's Inc reported a bigger-than-expected fall in quarterly same-store sales and cut its full-year profit forecast on Thursday, blaming weak international tourism and sluggish mall traffic. Shares of the department store operator slipped 4% in premarket trading.

Nov 21 (Reuters) - Macy's Inc M.N reported a bigger-than-expected fall in quarterly same-store sales and cut its full-year profit forecast on Thursday, blaming weak international tourism and sluggish mall traffic.

Shares of the department store operator slipped 4% in premarket trading.

Comparable sales at Macy's owned and licensed stores fell 3.5% in the third quarter ended Nov. 2, bigger than the 1% decrease analysts had expected, according to IBES data from Refinitiv.

The company now expects 2019 adjusted profit of between $2.57 per share and $2.77 per share, compared with its previous forecast of between $2.85 and $3.05.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223 8780; Twitter: @sampath_uday; Reuters Messaging: UdaySampath.Kumar.thomsonreuters.com@reuters.net))

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