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Macy's Hit by Disappointing Q2 Sales, Lowers 2014 Outlook

Macy's latest quarterly results fell short of Wall Street forecasts and also said it is cautious about its outlook for the rest of the year. Profit for the quarter came in at only 80 cents a share, 6 cents below expectations. Sales came in slightly below estimates at almost $6.3 billion. While comparable store sales were up a few percentage points, Macy's now expects 2014 full year sales to increase only between 2% and 2.5%, which is lower than it previously thought. CEO Terry Lundgren said retailers face a lot of challenges as a group and Macy's just wants to be better than its competition. He said, 'We remain focused on outperforming our competitors through innovation in omnichannel, which has added new dimensions in how consumers can shop us and how our company can satisfy customer demand.' TheStreet's Julia Sun reports from New York.