The Street: Don’t Blame the Consumer for Macy’s Miscue Says One Strategist

The problems that led Macy's (M - Get Report) to lower its full-year earnings guidance are more a function of troubled times for department stores than a weakening consumer, said Mark Luschini, chief equity strategist for Janney Montgomery Scott. 'These big box retailers have been struggling for a considerable period of time now,' said Luschini. 'They are trying to ramp up their online related sales activity. It's improving, but it's not enough to overcome the problems they have and continue to staff and pay for these big boxes that nobody is walking into anymore.'

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