Macy’s CEO Announces Price Hikes Due To Tariffs

CNBC reports:

Macy’s cut its full-year profit guidance on Wednesday even as it beat Wall Street’s quarterly earnings expectations, as the retailer’s CEO said it will hike prices of certain items to offset tariffs.

In an interview with CNBC, CEO Tony Spring said about 15 cents to 40 cents per share of the guidance cut is due to tariffs. He said about 20% of the company’s merchandise comes from China. Macy’s will raise some prices and stop carrying certain items to mitigate the hit from tariffs, he added.

“You’re dealing with it on both the demand side as well as the increased cost side,” he said. Spring said the company will be “surgical” with price changes. “It’s not a one-size-fits-all kind of approach,” he said.

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