Macy's reported disappointing quarterly sales Wednesday and slashed its full-year forecast, underscoring a slump in apparel demand at U.S. department stores, NBC News reported.
The bleak start to 2016 pushed its shares down nearly 14 percent to a more than 4-year low and weighed on shares of rivals on Wednesday.
It also stoked fear in the wider retail industry about how much consumers will spend in the months ahead. Apparel sales were also hurt by unseasonably cool weather in late March and early April, when retailers usually launch spring collections.
Macy's, whose profits have been shrinking for more than a year, said it would boost cost cutting and closing underperforming stores.
Macy's stock had lost 44 percent of its value in the past 12 months through Tuesday.