August 14, 2019 / 2:36 PM / 9 days ago

Macy's not looking to raise prices if new tariffs imposed - CEO

Aug 14 (Reuters) - Macy’s Inc Chief Executive Officer Jeff Gennette said on Wednesday that the department store chain would not raise prices on products if the Trump administration goes ahead with its latest 10% tariffs.

Shares of retailers, including Macy’s, jumped on Tuesday after the Office of the U.S. Trade Representative announced it is delaying proposed tariffs on clothing, footwear and a number of other items until Dec. 15.

Macy’s said it had raised prices in some categories such as luggage, housewares and furniture during the previous rounds of levies.

On a post-earnings call Gennette said the previous rounds of tariffs showed that “the customer had very little appetite” for cost increases.

Shares of the company slumped 17% on Wednesday after it slashed its full-year earnings forecast and missed quarterly profit expectations by a wide margin. (Reporting by Aishwarya Venugopal in Bengaluru)

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