By  on August 13, 2014

Macy’s Inc. kicked off the second-quarter retail earnings season on a disappointing note with profits that fell short of analysts’ expectations.

Investors were troubled by a reduction in the retailer’s projected comparable sales for the year, contributing to a $2.81, or 4.7 percent, drop in the firm’s stock to $56.95 as New York Stock Exchange trading opened Wednesday.

“We are approaching the second half of 2014 with confident optimism in our business strategies, merchandise assortments and marketing plans, tempered with the reality that many customers still are not feeling comfortable about spending more in an uncertain economic environment,” said Terry J. Lundgren, chairman and chief executive officer of the department store giant.

 

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