Dive Brief:

• Macy’s reported same-store sales increased 3.4% in the second quarter, meeting expectations.

• But the company lowered its forecast to 1.5% to 2% growth in same-store sales, down from its estimate of 2.5% to 3%.

• The department store retailer said that it’s been too difficult to climb out of the winter weather-induced deficits in the current “uncertain economic environment, ” according to a Wednesday statement by CEO Terry Lundgren.

Dive Insight:

Expectations have been rising for Macy’s and other department stores, so this report can be seen as a disappointment. It is yet another pixel in the picture of a “retail funk,” where, despite overall improvement in economic conditions, consumers are still hesitant to spend.