Macy's warns about profit margins, sending shares lower

NEW YORK (AP) — Macy's has warned investors that its profit margins would keep shrinking this year, sending shares in the chain tumbling more than 8 percent and affecting other department store stocks.

Randal J. Konik, a stock analyst at Jefferies, said the struggling department store chain told analysts at an investor meeting Tuesday that its gross profit margin could be 0.6 percent to 0.8 percent lower than last year.