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Macy’s warns of discounts hitting annual profit as inflation saps demand

(Reuters) -Macy’s Inc cut its full-year sales and profit forecasts on Tuesday, with the company saying it will need to offer more discounts to get rid of excess inventories of casual and athleisure apparel, even as demand for luxury products holds up. The company joined other top retailers, including rival Kohl’s Corp, in warning of a hit to profitability in recent weeks, as soaring prices of everyday goods made Americans wary of spending on apparel and other discretionary items. Macy’s inventories were up 7% at the end of the second quarter, prompting the department store chain to warn of increased markdowns to get back to normal stock levels by the end of the year.

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