Macy's cuts forecast for the second time this year ahead of the holiday season
Target on Wednesday posted another set of strong sales numbers and raised its full-year forecast, driven by demand for its apparel.
“The sales deceleration was steeper than we expected,” Chief Executive Jeff Gennette said in a statement. Gennette tried to reassure investors of Macy’s preparations for the all-important holiday season, which kicks off next week. The largest U.S. department store operator, which has closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted, has completed a revamp of about 150 stores with fresh interiors and better assortment of merchandise, and expanded its off-price “Backstage” departments into more stores, he said.
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