Macy's reported lower-than-expected quarterly sales as a strong dollar "significantly" reduced spending by foreign tourists in the United States and the company discounted to clear merchandise delayed due to the West Coast port strikes. Macy's net income fell 26% to $217 million, or 64 cents per share, in the quarter ended August 1.
Net sales declined 2.6% to $6.10 billion, the fourth drop in six quarters. Analysts on average had expected earnings of 76 cents per share and revenue of $6.23 billion, according to Reuters. Net sales fell to $6.10 billion from $6.27 billion.