Macy's shares crater 19% on weak holiday sales, pulls retail sector down - CNBC
CNBC - Thu 10 Jan 15:11 GMT

Macy's shares crater 19% on weak holiday sales, pulls retail sector down - CNBC

Macy's says online sales in November and December as well as at stores operating for at least 12 months were up a combined 1.1 percent.

  Macy's shares tanked by 19 percent Thursday, on pace for their worst day ever, after the department store chain reported weak holiday sales and cut its 2018 earnings outlook.

  Macy's revised its sales forecasts for the fiscal year 2018, saying it expects no growth in net sales, instead of its previous projection of an increase of 0.3 to 0.7 percent.

  Macy's said it now expects same-store sales to rise by roughly 2 percent in fiscal 2018, down from a prior forecast of 2.3 to 2.5 percent.

  Macy's shares had rallied more than 80 percent over a 12-month period ahead of Thanksgiving.

  As of the market close on Wednesday, Macy's shares were up a little more than 28 percent over the past 12 months.