Macy’s Falls After Earnings Forecast Disappoints Investors (1)

Macy’s Inc. shares declined after its profit forecast for the current quarter disappointed investors, overshadowing a solid lead-up to the holiday shopping season.

Despite posting better-than-expected results, the company pointed to the potential for soft demand from low-income shoppers this quarter. Macy’s expects its adjusted diluted earnings per share to range between $1.35 to $1.55 in the current quarter, the midpoint of which is below the average estimate of analysts.

The stock fell about 2% on Wednesday and came after the shares had jumped 34% this year, including big gains over the past week or so as other retailers posted ...