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Department store operator Macy’s Inc. said Wed nesday its second-quarter earnings dropped slightly and warned that full-year profits will be below Wall Street expectations.
Macy’s earned $73 million, or 17 cents per share, in the quarter ended Aug. 2, compared with $74 million, or 16 cents per share, a year earlier. Excluding two one-time items, Macy’s earned 29 cents per share from continuing operations.
Analysts surveyed by Thomson Reuters had expected earnings of 19 cents per share on revenue of $5.75 billion.
Revenues fell 3 percent to $5.7 billion. The Associated Press
