Macy’s profit sinks

Macy’s has reported a 26 per cent drop in second quarter profit and a sales shortfall after it was hobbled by weak tourist spending and West Coast port delays in the second quarter. The company cut its annual sales forecast for a key revenue measure and shares tumbled five per cent in early trading on Wednesday. Separately, the company, which also operates upscale Bloomingdale’s, said it plans to begin selling online in China late this year through Alibaba Group’s Tmall Global,

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