Macy's (M:US) announced its second-quarter results, which prompted shares to open around 10% lower on Tuesday.

Macy's reported earnings per share of $0.26 for the quarter, exceeding the analyst estimate by $0.12. The company's revenue for the quarter stood at $5.13 billion, topping the consensus estimate of $5.07 billion.

Gross margin stood at 38.1%, slightly lower than the 38.9% recorded in the same period of the previous year, and aligning closely with the estimated 38%. Inventory was reported at $4.13 billion, reflecting a 10% year-on-year decrease.

Looking forward, Macy's sees EPS in the range of $2.70 to $3.20, higher than the consensus estimate of $2.89. However, analysts were looking for FY sales of $23.17 billion Macy’s projection came in the range of $22.8 billion to $23.2 billion. 

“In the second quarter, we delivered better-than-expected top and bottom-line results,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. 

“Our teams surgically implemented clearance markdowns and promotions to effectively clear spring seasonal receipts and ensure fresh assortments for the fall and Holiday seasons.” 

Congressman Ro Khanna disclosed a sale of some Macy’s shares on April 10, when they closed at $18.51. Following today’s selloff, shares trade just below $14 apiece.

Shears are down almost 25% year-to-date.