Macy’s warning crashes stock, sinks shares of rival retailers

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Macy’s warning on Tuesday that its gross margins could be thinner than previously forecast crashed its shares — as well as those of rival chains.

Macy’s shares fell 8.3 percent, to $21.90.

Meanwhile, JCPenney shares were off 4.1 percent, to $4.72, Nordstrom shares declined 3.7 percent, to $40.14, and shares of Kohl’s eased 5.8 percent, to $35.73.

Macy’s CFO Karen Hoguet said the company expects gross margins to be 60 to 80 basis points below last year, as it dealt with excess inventory coming out of the holiday season.

“By the fall season we believe our inventory will be in line,” Hoguet added.

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