NEW YORK – Macy's is reporting a 26 percent drop in profits and a sales shortfall after it was hobbled by weak tourist spending and West Coast port delays in the second quarter.
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Macy's earned $217 million, or 64 cents per share, in the quarter ended Aug. 1. That compares with $292 million, or 80 cents per share, in the year-ago period.
Revenue was down 2.6 percent to $6.1 billion from $6.26 billion.
Analysts had expected 76 cents per share on sales of $6.22 billion, according to FactSet.
Macy's also said Wednesday that it plans to beginning selling goods in China this year through Alibaba, the giant online retailer.