US department store firm Macy's has said it is cutting its profit outlook for the year after a drop in sales in the third quarter.
Macy's net income for the period between August and October was $118m (£77m), down from $217m in the same period last year.
Spending by domestic and foreign visitors has declined.
In a statement, Macy's chief executive Terry Lundgren said the company was "disappointed" at the pace of sales.
The company attributed the slump in sales to warm autumn weather, a strong dollar and Americans' increasing interest in online discount retailers.
"Heading into the fourth quarter, we are shifting our organisation into overdrive to focus on sales-driving activities in the holiday shopping season," said Mr Lundgren.
The company now sees full-year earnings coming in at $4.20 to $4.30 per share, as against earlier guidance of $4.70 to $4.80.
Macy's has opened five discounted outlets in the New York area and plans to open a sixth before the end of the year.
The company, which also owns the department store Bloomingdale's, plans to open three new discount branches of that store too.
US department store firm Macy's has said it is cutting its profit outlook for the year after a drop in sales in the third quarter.Macy's net income for the period between August and October was $118m (£77m), down from $217m in the same period last year.Spending by domestic and foreign visitors has declined.In a statement, Macy's chief executive Terry Lundgren said the company was "disappointed" at the pace of sales.The company attributed the slump in sales to warm autumn weather, a strong dollar and Americans' increasing interest in online discount retailers."Heading into the fourth quarter, we are shifting our organisation into overdrive to focus on sales-driving activities in the holiday shopping season," said Mr Lundgren.The company now sees full-year earnings coming in at $4.20 to $4.30 per share, as against earlier guidance of $4.70 to $4.80.Macy's has opened five discounted outlets in the New York area and plans to open a sixth before the end of the year.The company, which also owns the department store Bloomingdale's, plans to open three new discount branches of that store too.
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