(Reuters) – Macy’s Inc on Thursday missed quarterly revenue expectations, as consumers limit non-essential spending due to persistently high inflation.
The company’s first-quarter net sales fell to $4.98 billion from $5.35 billion a year earlier, missing expectations of $5.04 billion, according to IBES data from Refinitiv.
(This story has been corrected to say net sales missed expectations not beat, in paragraph 2)
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)
