LITTLE ROCK, Ark. (Arkansas Business) -- Stocks end lower Wednesday after results from upscale department store chain Macy's cast doubt on the outlook for consumer spending, an important part of the U.S. Economy.
Share of that company ending down $2.17, or 4.5 percent, to $46.33 after its profit fell short of analysts' estimates. Macy's blamed shoppers' reluctance to spend for a slip in sales.
Macy's earned $281 million, or 72 cents per share. That's short of the 78 cents per share analysts expected. It was the first time Macy's profit missed expectations since 2007.
Macy's also cut its revenue outlook for the rest of the year.
Dillard's 2nd qtr. net income up 18%
Closer to home, another department chain reporting better results after the market closed.
Dillard's Inc. of Little Rock reporting second-quarter net income of $36.5 million, that's up about 18 percent from the same time last year.
In all, the department store chain beat earnings per share estimates by about 5 cents but missed on revenue predictions.
Still, CEO William Dillard II calling the second quarter one of progress following a strong start to the year.
The company said same-store sales rose 1 percent in the second quarter, driven in part by strong sales in ladies accessories and junior's and children's apparel.