Despite Macy's abysmal earnings report Wednesday, one analyst said there's not much more the department store could be doing to improve.
, one analyst said there's not much more the department store could be doing to improve.
Jan Kniffen, CEO of retail investor consultancy J. Rogers Kniffen, said that Macy's was making the right moves by closing unproductive stores and experimenting with discounted, off-price clothing with Macy's Backstage. He also said the company was growing well online and on mobile.Squawk on the Street
" Wednesday. "Mall traffic's deteriorating every quarter, every year for about 10 years now, and there's no sign of it letting up. So it's a really hard place to fight the battle." During its second-quarter earnings report, Macy's announced it was cutting its profit forecast for the fiscal year because an oversupply of inventory caused the company to lower prices, forcing it to take a hit on profits. On Wednesday morning, its stock plummeted more than 15%, dropping to lows not seen since 2009.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
https://people.comGet the latest news about celebrities, royals, music, TV, and real people. Find exclusive content, including photos and videos, on PEOPLE.com.
Lire la suite »
Draymond Green Says NCAA 'Did The Right Thing' Reversing Rich Paul RuleDraymond Green is praising the NCAA for backtracking on its controversial Rich Paul Rule.
Lire la suite »
Should You Spend a Lot of Money on a Nonstick Pan?Armed with the right frying pan, you can do a lot of things with relative ease
Lire la suite »
Macy's is getting into the clothing subscription and resale businessesMacy's said it started a pilot this month with resale marketplace ThredUp at 40 Macy's stores across the country.
Lire la suite »
Walmart earnings: Amazon Prime Day was a good thing for WalmartAnalysts are predicting a 35% e-commerce boost for Walmart in the second quarter, helped in part by Amazon Prime Day spillover.
Lire la suite »
Here's What Happened When We Asked Anne Hathaway to Contour a NectarineWatch the actress try 9 things she's never done before.
Lire la suite »