(Reuters) – Macy’s Inc said on Friday it expects fourth-quarter sales to come in at the lower end of its previously announced forecast, blaming a deeper-than-expected lull in shopping between the major holidays of the season.
The company’s shares fell 3.5% in extended trading.
“Based on current macroeconomic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half,” Macy’s Chief Executive Officer Jeff Gennette said in a statement.
The department store chain had previously forecast fourth-quarter net sales of $8.16 billion to $8.40 billion.
(Reporting by Uday Sampath in Bengaluru; Editing by Devika Syamnath)
