Aug. 14 - Macy's second quarter sales of $6 billion were a drop of almost one percent- missing the mark with investors. Bobbi Rebell reports.
The Daily Digit is $6 billion in second quarter sales for Macy's- a drop of almost one percent- and a big disappointment for investors. Shares of the department store chain, which also owns Blooomingdale's, fell on the news. Macy's says they've had to slash prices with middle class consumers holding back spending on things they don't need. That's cut into profits. Things were a bit better at the Bloomingdale's division- sales rebounded and the company says it is seeing momentum. As summer winds down- Macy's says the early read on back-to-school is encouraging.