Macy’s profit and sales slumped in the third quarter with many customers of the department store chain continuing to divert spending to basics like groceries as they deal with broadly higher prices.

Macy's reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices. The company,

Macy's financial woes continue with the company reporting a notable dip in third-quarter profits and sales, reflecting a consumer trend toward prioritizing essentials like groceries over discretionary spending.