Benzinga | Sep 30, 2021 10:55AM EDT

Why Macy's Shares Are Falling

Shares of companies in the broader retail space, including Macy's Inc (NYSE:M), are trading lower in sympathy with Bed Bath & Beyond, which fell following worse-than-expected second-quarter sales and third-quarter guidance below estimates.

Bed Bath & Beyond shares are trading lower after the company reported second-quarter EPS of $0.04, down from $0.50 year over year and worse-than-expected second-quarter sales results. The company also issued third-quarter EPS and sales guidance below estimates.

Macy's operates nearly 600 stores under the Macy's brand, 56 stores under the Bloomingdale's brand, and about 160 freestanding Bluemercury specialty beauty stores.

Macy's is trading lower by 9.1% at $22.44. Macy's has a 52-week high of $25.46 and a 52-week low of $5.57.