Arab Times



With a hint at what may be in store for shoppers this holiday season, Macy’s cut its profit outlook and CEO Terry Lundgren said markdowns are likely as a convergenc­e of factors lead to a high inventory of goods for retailers.

Macy’s third-quarter sales fell 3.6 percent at establishe­d locations.

Warm weather, a strong dollar and the shifting habits of American shoppers have all weighed on sales for retailers, including Macy’s, and investors are growing increasing­ly concerned about the effect that that will have during the most critical shopping period of the year.

Shares of Macy’s Inc plunged more than 10 percent at the opening bell Wednesday. (AP)

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