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Macy’s warns holiday-quarter sales will come in light, citing squeeze on shoppers’ wallets



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Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.Scott Mlyn | CNBCMacy’s on Friday warned its holiday-quarter sales will come in on the lighter side, saying consumers’ budgets are under pressure and that it anticipates that squeeze to continue into this year.The department store operator said net sales are now expected to be at the low- to midpoint of its previously expected range of $8.16 billion to $8.4 billion. It expects adjusted diluted earnings per share to be in the previously issued range of $1.47 to $1.67.related investing news For the year-ago period, Macy’s reported revenue of $8.67 billion and adjusted earnings per share of $2.45.Shares of the company fell about 4% in aftermarket trading Friday.Macy’s is the latest retailer to provide clues about the consumer, as investors await holiday results and look for signs of whether demand is holding up as inflation remains high. CEO Jeff Gennette said Macy’s put up strong Black Friday and Cyber Monday sales and saw strength in gift-giving and occasion apparel, but “the lulls of the non-peak holiday weeks were deeper than anticipated.”He said in a news release that the retailer, which includes higher-end department store chain Bloomingdale’s and beauty chain Bluemercury, has taken action to prepare for a year that may be tougher. For instance, he said, it has closely managed its inventory so it can stay nimble and has the merchandise that customers want.Bloomingdale’s and Bluemercury o …

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