Macy’s offers a mixed outlook after reporting third quarter profit and sales declines ...Middle East

NEW YORK (AP) — Macy’s reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices. The company, which also owns upscale Bloomingdale’s and the cosmetics chain Bluemercury, raised its annual sales expectations, but lowered profit projections citing the uncertain economic environment. Shares of Macy’s Inc., based in New York City, tumbled 9% before the opening bell. Macy’s quarterly results were delayed after it discovered late last month that an employee intentionally hid as much as $154 million in expenses over several years. The company said Wednesday that its i

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Macy’s offers a mixed outlook after reporting third quarter profit and sales declines ...Middle East

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