Macy's Inc said on Wednesday the latest tariffs on Chinese imports by Washi...
- Macy’s Inc said on Wednesday the latest tariffs on Chinese imports by Washington are hitting its furniture business and warned investors that additional levies would leave its clothing and accessory categories vulnerable as well.
Gennette said any escalation of tit-for-tat tariffs was not factored into the company’s annual outlook and that the company would do what it could to minimize the effect on customers.Washington dramatically escalated its 10-month trade war with Beijing on Friday by raising levies on $200 billion of Chinese goods in the midst of trade talks, and U.S. President Donald Trump has threatened new tariffs on all remaining U.S. imports from China, sending global financial markets into a tailspin.
Like its peers, the Cincinnati, Ohio-based department store chain, which has closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted, faltered in the past few years as it struggled to adjust to a fiercely competitive retail landscape where shoppers buy more goods online at places like Amazon.com Inc.
Sales at Macy’s stores open more than 12 months, including sales in department stores licensed to third parties, rose for the sixth straight quarter. They were up 0.7%, above the average analyst estimate of a 0.3% rise, according to research firm Consensus Metrix.
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