CINCINNATI (AP) -- Macy's Inc. said Thursday that revenue at stores open at least a year rose 2.2 percent in October, missing analysts' estimates of 3.6 percent.
The news sent Macy's stock down $1.02, or 3.4 percent, to $29.40 in premarket trading.
The department store chain said revenue was hurt by the snowstorm at the end of the month, which kept shoppers at home, and warm weather in the rest of the month, which kept them from buying winter clothes.
Revenue was also hurt by the company's decision to move its Shop For A Cause event, where customers donate to local charities in exchange for access to sales, from October to August.
The company pointed out that revenue at stores open at least a year rose 4 percent in the third quarter, which covers August through October. Macy's said it still expects that measure to rise 4 to 4.5 percent in the fourth quarter.
Revenue at stores open at least a year is a key measure of a company's performance because it excludes the impact of recently opened or closed stores.
Overall revenue, which does include that impact, rose 2 percent in October, to $1.84 billion.