Nordstrom and Macy's cut earnings outlooks. Could major sales be on the way?
You may have noticed retailers such as Nordstrom, Macy’s and Kohl's have overstocked shelves. This could be a deal shoppers dream of as pre-holiday sales could be on the way!
What is happening:
This week, Nordstrom and Macy's shared with investors that they are cutting their earnings expectations, just like Kohl's did last week.
The stores are suffering as inflation costs hit gas and groceries hard, leading to a lack of sales and customers hunting for deals.
To course correct, Macy's, for example, said it's "taking the required markdowns to clear aged inventory, in seasonal goods, private brand merchandise and pandemic-related categories, such as active, casual sportswear, sleepwear, and soft home."
What's to come:
With too much product and not enough foot traffic, brands may be incentivized to slash prices.
While no major markdowns have been announced -- yet -- price cuts across many product categories could spring up in the coming weeks. And with holiday shopping on the way, it will be a great time to score great deals.
If you don't want to wait, you can check out these sales happening right now:
Kohl's is offering an extra 20% off online and in-store during the Friends and Family sale happening now.
Save an extra 25% off all purchases as Macy's right now.
Nordstrom and Macy's cut earnings outlooks. Could major sales be on the way? originally appeared on goodmorningamerica.com
