Macy’s on Tuesday cut its full-year forecast, saying it anticipates deteriorating consumer spending on discretionary items like apparel that will force the department store chain to use heavy markdowns to move items off shelves.
The warning comes even as the retailer reported a fiscal second-quarter profit and revenue that topped analysts’ expectations. Macy’s also teased that its digital marketplace, which was announced last year, is launching in the coming weeks.
Macy’s now sees fiscal 2022 revenue in a range of $24.34 billion to $24.58 billion, down from prior estimates of $24.46 billion to $24.7 billion. It puts its annual adjusted earnings per share in a range of $4 to $4.20, down…