Macy’s, the popular retailer, has surpassed Wall Street’s expectations for quarterly sales. However, despite this success, the company remains cautious about consumer spending in the upcoming months.

Macy’s has maintained its conservative full-year guidance due to declining sales. The company predicts a decrease of 6% to 7.5% in comparable owned-plus-licensed sales compared to the previous year. It expects adjusted earnings per share to range from $2.70 to $3.20, with sales reaching $22.8 billion to $23.2 billion for the fiscal year.

The department store operator previously lowered its forecast in early June.

Here are the results for the fiscal second quarter that ended on July 29, compared to Wall Street’s expectations:

• Earnings per share: 26 cents (adjusted) vs. 13 cents (expected)
• Revenue: $5.13 billion vs. $5.09 billion (expected)

Macy’s reported a net loss of $22 million, or 8 cents per share, compared to a net income of $275 million, or 99 cents per share, in the previous year. Net sales also declined from $5.6 billion to $5.13 billion.

As a retailer specializing in clothing and accessories, Macy’s has been heavily impacted by decreased consumer spending. Even its higher-end chains, like Bloomingdale’s and Bluemercury, have experienced weakened sales in the spring.

Macy’s stock closed at $14.73 on Monday, with a market value of $4.01 billion. Unfortunately, the company’s stock has fallen 28% this year, while the S&P 500 index has risen nearly 15% during the same period.

This story is developing. Please check back for updates.