NEW YORK—Macy’s cut its outlook for the year Tuesday despite topping Wall Street expectations as it faces a glut of unsold inventory that has afflicted almost the entire retail sector.
The department store earned $275 million, or 99 cents per share, in the three-month period that ended July 30, or $1 if one-time charges are removed. That easily topped the per-share earnings of 86 cents that industry analysts had expected, according to a survey by FactSet.
Sales slipped roughly 1 percent to $5.6 billion, but that was also stronger than anticipated.
However, sales and profit are down from last year.
Sales at stores opened at least a year fell 1.5 percent, or 1.6 percent including licensed businesses like cosmetics. Online sales fell 5 percent….