Macy’s fiscal second-quarter earnings report on Wednesday fell way below analysts’ expectations, as heavy markdowns used during the spring season to clear unsold merchandise weighed on profits.
Macy’s also lowered its profit outlook for the full year and now is expecting to earn between $2.85 and $3.05 a share, down from a range of $3.05 to $3.25.
“Consumer spending continues to be healthy,” CFO Paula Price said on a call with analysts. But with so many macroeconomic uncertainties remaining, the company lowered its full-year forecast, she said, taking into account things Macy’s “cannot control.”
Macy’s shares, valued at $5.19 billion, closed Wednesday down more than 13%. Earlier in the…