NEW YORK (TheStreet) -- Shares of Macy's Inc. (M) are down -4.89% to $56.84 in pre-market trade after the retailer lowered its full year same-store sales forecast, saying a 3.3% increase in second quarter sales would not make up for weakness in the first quarter when harsh weather kept shoppers away, Reuters reports.
Macy's said it expects same-store sales to increase 1.5% to 2% for the full year. Earlier, it forecast an increase of 2.5% to 3%.
The company's net income increased to $292 million, or 80 cents per share, in the three months ended August 2, from $281 million, or 72 cents per share, a year ago.
Sales were $6.3 billion, up from $6.1 billion, after falling about 2% in each of the last two quarters.
TheStreet Ratings team rates MACY'S INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACY'S INC (M) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."