Macy's Reports Lower-Than-Expected Sales, Not To Form REIT
Macy's Inc (M.N) reported lower-than-expected quarterly net sales as customers cut back on expenditure and a strong dollar discouraged tourists from spending at its stores.
The department store operator also said on Wednesday it was not pursuing formation of a real estate investment trust at this time, but was exploring redevelopment of some flagship properties through joint ventures or other deals.
Shares of the operator of Macy's and Bloomingdale's stores fell nearly 6 percent in premarket trading.