Macy’s Massacred After Slashing Outlook On “Uncertain Consumer” As Inventories Reach Record Highs
by Tyler Durden
ZeroHedge.com
05/11/2016
The retailer apocalypse continues this morning with Macy’s crashing almost 10% in the pre-market after missing top-line and slashing its outlook citing the “uncertain direction of consumer spending,” which seems odd given the confidence with which The Fed, Obama, and every talking head proclaims the US consumer’s health. Comp store sales plunged 6.1% (almost double expectations) and this comes at a time when clothing inventories are at an all-time record high relative to sales.
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