Macy’s Inc.’s shares fell 4% on Thursday after the department store chain reported weaker than expected fiscal first quarter sales. It also lowered its full-year forecast to reflect a challenging consumer.

M, a New York-based firm, reported a net profit of $155m, or 56c per share, for its quarter ending April 29. This is down from $286m, or 98c per share, the previous year. The adjusted earnings per share were also 56 cents. This was ahead of the FactSet consensus of 45 cents.