Macy’s lowers outlook despite solid second quarter

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Macy’s is trimming back its expectations for the year despite topping expectations in its most recent quarter as it faces a glut of unsold inventory that has afflicted almost the entire retail sector. The New York department store earned $275 million, or 99 cents per share in the three month period that ended July 30. That  compares with $345 million, or $1.08 per share in the year ago period.  Adjusted per share results was $1 per share. Sales slipped roughly 1% to $5.6 billion.  Analysts were expecting 86 cents per share on sales of $5.49 billion, according to FactSet. Sales at stores opened at least a year fell 1.5% but including licensed businesses like cosmetics that figure was down 1.6%. Online sales were down 5%.