Macy's reports sales drop |
|
| Thursday, 16 August 2007 | |
|
Macy's, the US department store chain, and one of the world's largest, has become the latest retailer to warn of a profit slide.
The iconic store said profits in the three months to 4 August fell by 77% on the same period a year ago, to $74m (£37.1m), in "a more challenging economic environment". Macy's results came a day after retail giant Wal-Mart gave disappointing profit forecasts which sent their shares down.
Macy's, formerly known as Federated Department Stores, saw sales slip by about 2% to $5.9bn in the period. Chief executive Terry Lundgren said the firm was optimistic that the business "can and will improve" in the second half of the financial year. Macy's operates more than 850 stores in 45 states across the US. |
