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Last month, Macy's (M) released another weak earnings report. The retailer reported a 3.5% decline in comparable store sales, breaking a seven-quarter streak of comp sales growth. Profit declined significantly, and Macy's cut its full-year guidance for the second consecutive quarter.
Of more concern for shareholders investing in Macy's because of its high dividend, free cash flow has plunged this year. In fact, free cash flow for the trailing-12-month period has not fully covered Macy's lofty dividend, which currently costs about $465 million a year.