The company reported earnings per share of 28 cents, far short of the expectation of 45 cents.
Revenue came in at $5.546 billion, in-line with the Street's forecast.
And the kicker? Well, Macy's announced that it was lowering its EPS guidance by 20 cents. Here's what the company said in its report, "Based primarily on its second quarter of 2019 performance, the company is lowering its guidance for Diluted EPS, excluding settlement charges, impairment and other costs, by 20 cents."
Jim Cramer said that he's got his eyes on the WATCH stocks--i.e. Walmart (WMT - Get Report) , Amazon (AMZN - Get Report) , Target (TGT - Get Report) , Costco (COST - Get Report) and Home Depot (HD - Get Report) .
"Look, if you're Walmart, if you're Amazon, if you're Target, Costco, if you're Home Depot, you're gonna have no problem with these [tariffs]. If you're a company that's struggling to begin with, you'll have a problem--witness Macy's," said Cramer.
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