Macy's CEO says tariffs on clothing, shoes will hurt buyers

Macy's CEO Jeff Gennette says a 25% increase in $ 300 billion in Chinese goods still being rated by the White House, which will affect clothing and footwear, is likely to fall and hit consumers.

"When you do math, it's hard to find a path through what won't affect your customers," he said. "It will affect many clothing and accessory categories," for both Macy's internal brands and national labels, Gennette added. It would be difficult for Macy to get to a place, "where you have no impact on customers," he said.

He made the comments after Macy's reported first quarter results topped analysts' expectations. But sales fell a year ago, when Macy still struggles ̵[ads1]1; like many clothing-focused and mall-based dealers – to find ways to buy buyers in stores, as they could only buy from Amazon.

Continuing to explain that the latest tariff increase, to 25% from 10%, of NOK 200 billion of Chinese goods entering into force on Friday, will damage its furniture business, albeit not drastically.

"We have strategies to curb [the impact on shoppers] said," We believe these strategies will limit customers' concerns. "

Macy on Wednesday confirmed his profit outlook for 2019. But another rate of tariff may change it. [19659002] "This possible fourth transaction of tariffs was not considered when we gave annual guidance," Review told analysts during a conference call.

Macy's shares, which initially increased by 7% in the premarketing Wednesday market. was about 1.5%.