Macy's stock tumbled Wednesday after the retailer reported lower-than-expected third-quarter results and warned on full-year earnings.
In the first hour of trading, its share price sank more than 12 percent, putting it on track for its worst day since Jan. 20, 2009. when it lost 10.55 percent. (Get the latest quote here.)
Saying the company had a "tough quarter," Chairman and CEO Terry Lundgren highlighted a series of factors, including a slowdown in visits by international tourists who frequent many big-city Macy's locations, and warmer weather in the Northeast that's curtailing sales of winter apparel.
The department store operator also said it's not pursuing the formation of a real estate investment trust at this time, but was exploring redevelopment of some flagship properties through joint ventures or other deals.