Macy’s, the largest department store chain in the United States, expects a challenging consumer environment ahead as shoppers decrease their spending. The company has lowered its guidance for the rest of the year, now predicting a decline in net earnings. Macy’s reported a 4 percent decrease in overall comparable sales for the second quarter across all brands. Despite this, the company sees potential growth in Bloomingdale’s and reported a sales increase of 1.7 percent for Bluemercury. Macy’s plans to close 150 low-performing stores but remains optimistic about its strategic turnaround plan.
