Macy’s stock drops 2.6 percent a day after its worst drop ever
ASSOCIATED PRESS
Traffic makes it’s way past the Macy’s flagship store in New York. The retailer’s stock plummeted nearly 18 percent Thursday after reporting that its sales over the holidays were worse than expected and slashed its annual profit and sales forecasts.
NEW YORK >> Macy’s stock dropped an additional 2.6 percent Friday, one day after suffering its worst percentage drop ever.
The retailer’s stock plummeted nearly 18 percent Thursday after reporting that its sales over the holidays were worse than expected and slashed its annual profit and sales forecasts.
Macy’s said holiday sales slowed in the middle of December, and the department store cut its annual profit and sales forecasts. Its stock plunged 17.7 percent to $26.11 in heavy trading and then fell 69 more cents Friday to close at $25.42.
Macy’s went public in February 1992 and reached an all-time high of almost $73 a share in mid-2015, but four of the five biggest one-day plunges in its history have come in the last three years.
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