U.S. retailer Macy's Inc lowered its full-year sales forecast on Wednesday and reported weaker-than-expected quarterly results, hurt by heavy discounts and a strong dollar that curbed spending by foreign tourists.The company, whose shares fell 4 percent, also said it formed a joint venture in China, Macy's China Ltd, that will start by selling products on Alibaba Group Holdings Ltd's Tmall Global marketplace.Chief Financial Officer Karen Hoguet said earnings in the second quarter ended on Aug. 1 were below the company's expectations as consumers spent more on restaurants, recreational services, healthcare and electronics rather than general merchandise, apparel and furnishings. "Our performance in the first half of the year was not as strong as we had hoped, but we are cautiously optimistic about our ability to improve this sales trend in the fall season," she said.
Macy's, Inc. is an omnichannel retail company operating stores, Websites (macys. Shares of M fell by 4.19% or $-2.83/share to $64.70. In the past year, the shares have traded as low as $54.84 and as high as $73.61. On average, 5144190 shares of M exchange hands on a given day and today's volume is recorded at 7775559.
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