Macy’s, Nordstrom cut profit views along with inventories

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Nordstrom has joined Macy’s in cutting its annual outlook for profit and sales despite second-quarter results that topped Wall Street forecasts. Both retailers are suffering from an affliction plaguing most of their competitors: A glut of unsold inventory that they’re resorting to pricing at deep discounts to move. Almost every major retailers has said in recent weeks that shoppers are making fewer trips to the store and when they do, they’re looking for deals. Some are trading down to cheaper alternatives. Kohl’s last week slashed its sales and profit expectations for the year, a result of its stepped up price cutting to shed unwanted merchandise. Both Target and Walmart also said last week that shoppers are cutting back and sticking to essentials.