Macy’s (NYSE:M) has a big problem. Not only did it report a weaker-than-expected earnings report Wednesday, but M stock is now in free fall, currently down in double-digits.
Here’s what happened.
M Stock Plunges on Weak Q2 Earnings ReportOn Wednesday, August 14, Macy’s released its earnings report for Q2—and it sparked panic. Most notably, net sales in the quarter dropped to $5.546 billion, which is down from the reported $5.572 billion in the same quarter last year. According to the company, this was due to Macy’s making store-wide markdowns. The Cincinnati, Ohio-based company ...
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