Macy’s slashed its outlook for the entire year as sales weakened in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation.
Sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items.
Macy’s results wrap up the retail industry’s fiscal first-quarter earnings season that showed how still high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing to afford their larger grocery bills. Dollar General, which caters to low income shoppers, also cut its annual sales and profit outlook on Thursday as consumers turn more cautious….