Macy’s, Nordstrom lower outlooks as consumer spending expected to slow

Macy’s Inc. and Nordstrom Inc. became the latest retailers to lower their financial goals for the year, citing risks of a steeper economic downturn and slowdown in consumer spending.

Macy’s
M,
+4.00%,
the biggest U.S. department-store chain, on Tuesday said it was also adjusting its forecast to reflect markdowns and promotions the company thinks will be needed to get rid of old inventory.