NEW YORK (AP) -- Macy's said Thursday that its sales at stores open at least a year rose 1.2 percent in June as a result of an economic environment that it said was "stagnant at best."
Analysts surveyed by Thomson Reuters expected that key same-store sales metric to increase by 1.9 percent.
The operator of Macy's and Bloomingdale's department stores also cited less spending by tourists in major cities for the lower-than-expected results. CEO Terry Lundgren said major renovations at the company's flagship store in New York hurt sales as well. In August Macy's plans to open the first phase of what will be the world's largest women's shoe department.
The company stood by its full-year earnings guidance of $3.25 to $3.30 per share, with sales at stores open at least a year forecast up 3.7 percent.
Total revenue for the five weeks ended June 30 rose 0.8 percent to $2.41 billion. Lundgren said Father's Day and a Brazil-themed fashion promotion were bright spots for the month.
For the fiscal year so far, Macy's sales at stores open at least a year are up 3.6 percent.
Macy's has corporate offices in New York and Cincinnati and operates about 840 department stores nationwide.
