US department store chain Macy’s has reported a 4 per cent profit increase in its fiscal second quarter as business rebounded from slow sales earlier in the year. But the company cut its full-year sales forecasts to make up for first-quarter losses, when winter storms kept shoppers away. Macy’s cut its same-store sales forecast to a range of 1.5 per cent to 2 per cent for the full year, from a previous forecast of 2.5 per cent to 3 per cent. Shares in the company, which also owns Bloomingdale’s, tumbled nearly 5 per cent, or US $ 2.83, to US $ 56.93 in early New York trading.
