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"Macy's, Inc delivered another quarter of comparable sales growth. That said, we had a slow start to the quarter and finished below our expectations. Rising inventory levels became a challenge based on a combination of factors: a fashion miss in our key women's sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism. We took markdowns to clear the excess Spring inventory and are entering the Fall season with the right inventory to meet anticipated customer demand," said Jeff Gennette, Macy's chairman & chief executive officer. "While we had seasonal inventory challenges in Spring, there are many areas of the business that are performing well, notably our Destination Businesses. We continue to see healthier sales within our brick and mortar business, led by our Growth50 stores and Backstage expansion. Our digital business posted its fortieth consecutive quarter of double-digit growth, and mobile remained our fastest growing channel."
"Our 2019 strategic initiatives are on track to contribute to sales growth in the back half of the year, and we have plans to drive productivity and improve gross margins," added Gennette. "Our team has responded quickly to the external environment, course corrected when needed and we remain confident. Our 130,000 colleagues compete every day to win our customers' business."
Macy's has reaffirmed its previously provided annual sales guidance for 2019. Based primarily on its second quarter of 2019 performance, the company has lowered its guidance for diluted EPS, excluding settlement charges, impairment and other costs, by 20 cents.
Macy’s is one of US's premier retailers, with fiscal 2018 sales of $24.971 billion and approximately 130,000 employees. (PC)
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