It was a difficult fiscal first quarter for Macy’s from a customer engagement standpoint. Macy’s officials blame much of that poor performance to reduced spending by international tourists.
“We continued to be negatively impacted by reduced spending by international tourists,” Macy’s CFO Karen Hoguet said during Wednesday’s earnings call, according to Seeking Alpha. “Sales on international tourist credit cards were down 20% in the quarter on top of a 21% drop last year in the first quarter. This....