Macy’s slashes expectations for the year after a pullback by shoppers in the spring

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Macy’s slashed its outlook for the entire year with sales weakening sales in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation. Quarterly profit and sales dropped to open the year as sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items. Macy’s results wrapped up the retail industry’s fiscal first-quarter earnings season that showed how stubbornly high inflation particularly in food is forcing shoppers to further cut back on discretionary items like clothing to make room for shoppers’ larger grocery bill.