CNBC’s Jim Cramer said Wednesday that Macy’s earnings miss and forecast cut is not indicative of the retail landscape.
In the fashion chain’s fiscal second quarter, shareholders took home 28 cents, well short of Wall Street’s 45 cent estimates, which triggered the stock price to free fall more than 13% in the session.
“The Macy’s conference call was brutal, but I think that’s less about the state of the consumer and more about the state of the mall-based department store,” he said.
Macy’s is feeling pain from tariffs on Chinese imports and the exodus of shoppers from the malls to online retailers, and the company’s poor execution compliments investor fears about recession signals in the bond market, Cramer said. But the “Mad Money” host is convinced this is unique to the department giant because the consumer is doing fine.
The University of Michigan’s July measurement of consumer sentiment registered above 98, topping June’s reading.
“I don’t think Macy’s is all that representative…
