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Macy's Stock Slides After Earnings Fall

FAIRFIELD COUNTY, Conn. -- Macy's shares slid up to 3 percent in premarket trading Wednesday after the retail company released first-quarter earnings and revenues that fell short of expectations, according to Business Insider. 

Macy's stock has rallied 12% in the last year according to Business Insider.

Macy's stock has rallied 12% in the last year according to Business Insider.

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Business insider reports that Macy's claimed 64 cents in adjusted earnings per share, which is a drop from 80 cents in the same quarter last year, and below the consensus estimate for 76 cents, according to Bloomberg. The figures paint a bleak outlook going forward, Bloomberg said. 

In a statement, CEO Terry Lundgren said, "We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment," according to Business Insider.

Macy's are located in Danbury, Stamford and Trumbull. 

Click here to read the full story on Business Insider.

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