Macy's pledges more marketing after reporting reduced sales

Macy's will increase its marketing budget in the second half of the year in response to second-quarter sales dropping 0.8% and a reduced earnings forecast for the year. "Our performance in the period, in part, reflects consumers' continuing uncertainty about spending on discretionary items in the current economic environment. After a cool spring, we have taken appropriate markdowns and customers are responding favorably," said Chairman and CEO Terry J. Lundgren.

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