Here’s why Macy’s shares are tanking – again

Posted online May 12, 2016 | 11:37 am

Sales continue to fall for Macy’s Inc., which yesterday reported its fifth straight quarter of declines.

The reasons for the 5.6 percent slump range from fewer mall shoppers, more discount chain shoppers and market share resurgence from rival The J.C. Penney Co., according to Fortune.

As a result, Macy's (NYSE: M) changed its comparable sales estimate for 2016 to fall 3-4 percent instead of 1 percent. Earnings were also adjusted to a range of $3.15 to $3.40 per share, down from $3.80-$3.90.

Read more from Fortune.

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