Macy's slashes profit forecast, shares plunge 15%

Macy's, the largest US department store chain, reported dismal third-quarter earnings and slashed its 2015 profit forecast Wednesday, citing slumping sales ahead of the holiday shopping season. Shares in Macy's were pummeled after the company reported sales fell 5.2 percent in the July-September quarter from a year ago to $5.87 billion, well below market expectations of $6.09 billion. Predicting lower sales in the fourth quarter, the company cut its full-year earnings forecast by 10.6 percent.