Macy's shares plunge as weak holiday sales prompt forecast cut

Reuters
Shares of Macy’s Inc plunged 17 percent in early trading on Thursday, after the department store operator cut same-store sales forecast for the crucial holiday quarter due to weak demand during mid-December.

Sales from Macy’s stores and third-party licensees open for more than 12 months is now expected to grow about 2 percent, lower than a prior forecast of between 2.3 percent and 2.5 percent.. . . more