REFILE-UPDATE 5-Macy's cuts full-year forecast, sends shivers through retail (Nov 11)
(In Nov. 11 story, corrects spelling of Michael in paragraph 4)
* Seeks partnerships or joint ventures for flagship properties
* 3rd-quarter same-store sales take unexpected fall
* Shares down nearly 14 percent
By Nandita Bose and Sruthi Ramakrishnan
Nov 11 (Reuters) - Warm weather, low spending by tourists and a pileup of unsold inventory prompted Macy's Inc to cut its full-year forecast on Wednesday, raising wide concerns about the retail sector's financial health.
Macy's in a quarterly report also said it would not create a real estate investment trust for its stores, disappointing some investors and helping to push down shares 14 percent for the day.
The long spell of warm weather in September and October, which hurt sales of cold weather apparel like coats and jackets, could also affect retailers like Urban Outfitters Inc, while a drop in spending by tourists is likely to impact Tiffany & Co and Hudson's Bay Co, which runs chains like Saks Fifth Avenue, said Oliver Chen, analyst with Cowen Equity Research.
Analysts also expect slowing sales of accessories like handbags, shoes and cosmetics to hurt brands including Fossil Group and Michael Kors Holdings Ltd. Continued...