FILE – Shoppers enter a Macy’s department store Monday, Feb. 22, 2021, at the Miami International Mall in Doral, Florida. Macy’s fiscal second quarter Tuesday, Aug. 23, 2022, beat Wall Street estimates but cut its forecast as it faces an inventory glut it needs to clear amid inflationary pressures that are causing shoppers to pull back. (AP Photo/Wilfredo Lee, File)

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Nordstrom joined Macy’s Tuesday in cutting its annual profit and sales outlook despite second-quarter results that beat Wall Street forecasts.

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Both retailers suffer from an affliction that plagues most of their competitors: a glut of unsold inventory that they resort to deep discount pricing to move.

They also reduce merchandise orders to match customer demand. Nearly every major retailer has said in recent weeks that shoppers are making fewer trips to the store, and when they do, they’re looking for deals. Some trade in cheaper alternatives.

Kohl’s last week lowered its sales and profit expectations for the year as it ramped up price cuts to get rid of unwanted merchandise. Both Target and Walmart said last week that shoppers are cutting back and sticking to basics.

Rising prices have forced families to become more cautious. They do without new clothes, electronics, furniture, and pretty much anything else that isn’t absolutely necessary. And spending habits have changed more quickly this year than anyone expected. After being cooped up at home during the pandemic, Americans seemed to switch almost overnight to spending on dinners, movies or concerts and travel.

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“The consumer has some pretty bad news out there,” Macy’s CEO Jeff Gennett told The Associated Press on Tuesday. “Inflation is hard.”

In a statement, Nordstrom CEO Eric Nordstrom noted that while the Seattle-based company’s results were consistent with previous outlooks, traffic and customer demand weakened in late June, mostly at Nordstrom Rack.

Changing spending habits have left retailers with increased inventories of products that have become difficult to move.

New York-based Macy’s has reduced orders where it can to better sync with customer demand, but Gennett said inventories in some categories remain high. The company is cutting prices on seasonal goods, private label and pandemic-related goods such as casual wear and home furnishings to clear them out, he said.

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However, according to Gennette, customers are not trading down or replacing typical purchases with a cheaper brand. That phenomenon is rampant at retailers like Walmart and Kohl’s.

At Macy’s, customers from every strata with a household income below $250,000 are cut proportionately, Gennett said. At Bloomingdale’s stores, where the median household income is typically $250,000 and up, spending continued at a healthy pace.

Macy’s earned $275 million, or 99 cents a share, in the three months ended July 30, or $1 if one-time charges are removed. That easily beat earnings per share of 86 cents expected by industry analysts, according to a survey by FactSet.

Sales at stores open at least a year fell 1.5%, or 1.6% including licensed businesses such as cosmetics. In contrast, its luxury Bloomingdale’s stores enjoyed an 8.8% increase in same-store sales, or a 5.8% gain including licensed businesses. Online sales fell 5% during the second quarter, compared to the year-ago period, but were up 37% compared to the same period in 2019.

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In another pandemic-related shift, Gennett said downtown store locations are rebounding as more people return to the office. However, those sales have yet to return to levels more common before COVID-19.

Uncertainty about what Americans will buy and want has made it difficult for retailers to figure out what’s coming as the holiday season approaches.

The company said its outlook for the rest of the year is based on “continued deterioration in consumer discretionary spending” and high inventory levels, both at Macy’s and other stores. Macy’s expects more price cuts and a need to “liquidate old inventory” as the holiday season approaches.

Inventory levels rose 7% in the three-month reporting period compared to last year, but were down 8% compared to 2019.

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Macy’s now expects sales to be in the range of $24.34 billion to $24.58 billion this year, down from May guidance of $24.46 billion to $24.7 billion. Macy’s expects earnings per share of $4 to $4.20, down from previous guidance of $4.53 to $4.95 per share.

Meanwhile, Nordstrom reported net income of $126 million, or 77 cents per share, in the three-month period ended July 30. That compared with $80 million, or 49 cents per share, in the year-ago period. Adjusted earnings were 81 cents per share. Total sales rose to $4.1 billion from $3.65 billion in the year-ago period.

Nordstrom now expects revenue to rise 5% to 7% for the year, down from 6% to 8%. It expects adjusted earnings per share to be $2.30 to $2.60 per share, down from $3.20 to $3.50 per share.

Macy’s shares rose nearly 4%, or 70 cents a share, to close at $19.31 in regular trading. But Nordstrom shares fell more than 13%, or $3.14, to $20.06 in after-hours trading after it reported its results.

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Get ready for your week with the best business stories of the week from San Diego and California, delivered to your Monday morning inbox. Upon delivery, please carefully inspect each piece of your furniture. If you wish to return furniture for preferred reasons, you must contact Macy’s Customer Service within 3 days of your delivery.

There are no fees associated with exchanges; however, exchanges must be authorized by Macy’s Customer Service at 1-888-822-6229.

Furniture Limited Product Protection Plan Protection, if you do not make a claim during the 5 years of service, you will be entitled to receive a voucher* worth the original price of the Protection Plan, good for the purchase of new furniture, bed linen or area rugs in Macy’s after your plan expires.

Note: In the event of a discrepancy between this document and the security program certificate, the certificate shall prevail. The UltimatePlan Protection Plan does not cover daily dirt from normal use, accumulation, spills or damage that is not properly monitored. Coverage is limited to items identified in the certificate. Exclusions apply; see your protection program certificate for specific coverage information.

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Furniture Protection Plan when you purchase your furniture or within 72 hours of furniture delivery. Quick Ship furniture is excluded from WorryNoMore

**If the furniture or part to be replaced is no longer available, you can choose new furniture of equal or lesser value! In order to continue coverage of the replacement piece, the protection plan must be redeemed.

Your premium kit includes fabric/microfibre cleaner, wood polish, leather cleaner and leather protector; a $40 value! Our products are not typical household care products. Our care kits are formulated to provide maximum protection and include eco-friendly cleaning products specially designed for your furniture. Additionally, you will receive a 40% discount at WorryNoMore.com on additional top-up products during your 5-year program. All products are approved for use on your furniture.

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Furniture Protection Plan when you purchase your furniture or within 72 hours of furniture delivery. Fast Boat Furniture is off by WorryNoMore

Service during your 5-year coverage, we’ll give you 100% of the cost of your Furniture Protection Plan to use on your next furniture purchase!

Provides excellent protection for COVERED accidents and structural damage. Food and drink stains, ink and nail polish, rips and tears, accidental breakage and more!

So, in the event that the damaged part is no longer available for replacement, the plan will allow you to re-select all matching parts from the kit purchased and covered by the Service Plan. In case the damage is only to the cushions of the umbrella(s) and there is no damage to the structure (chairs, frames, table, etc.), the replacement would be limited to the cushion(s) or umbrella(s).

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When buying sets, each individual piece must be covered. The price of your protection plan will be divided by the number of pieces in the kit.

Note: In the event of a discrepancy between this page and the protection plan certificate, the certificate will control. The WorryNoMore

The Outdoor Service Plan does not cover everyday soiling from normal use, build-up, multiple stains, unidentified stains, spills or damage that does not

Attended to properly. Coverage is limited to items identified in the certificate. Exclusions apply; see your service program certificate for specific coverage information. The WorryNoMore Whether you’re decorating a new home or upgrading your sofa, Macy’s makes it easy to find the perfect piece of furniture for your style and budget, including from top brands like La-Z-Boy, Tempur-Pedic and Sunbrella. And depending on

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