August 14, 2019 / 2:41 PM / 4 months ago

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

(Reuters) - Macy’s Inc (M.N) 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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