Macy's profit and sales slumped in the third quarter with many customers of the department store chain continuing to divert spending to basics like groceries as they deal with broadly higher prices. The New York retailer which owns upscale Bloomingdale’s and the cosmetics chain Bluemercury raised sales expectations for the year,

Macy's on Wednesday cut its annual profit forecast, as it struggles with increased promotions during the holiday shopping season amid weak demand at its eponymous stores, sending the shares of the department store chain down 7% before the bell.

Macy's shares tumble after profits and sales drop in the third quarter.

Macy’s is reporting a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices