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Macy’s lowers expectations after tough Q2
Cincinnati -- Macy’s scaled back its earnings guidance for the remainder of the year in the wake of lower-than-expected net income for the second quarter of fiscal 2013. The retailer reported net income of $281 million, up from $279 million in the year ago period, but short of the roughly $304 million analysts had expected.
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Expert Analysis: July Retail Sales
Sterne Agee chief economist Lindsey M. Piegza comments on July retail sales gain of 0.2%:
Headline retail sales rose 0.2% in July, slightly less than expected but last month’s sales were revised up two-tenths from 0.4% to 0.6%. This is the fourth consecutive monthly increase in retail sales. Excluding autos, retail sales rose 0.5%, the strongest monthly gain since February.