After a challenging quarter, Macy’s revises its earnings expectations for the second time ahead of the holiday season.

In response to a tough year marked by decreased international tourism and lower mall foot traffic, Macy’s has reduced its yearly profit forecast for the second time this year. The company’s announcement resulted in a 4% decline in pre-market trading. Macy’s is not alone in these struggles, as it follows Kohl’s in revising its outlook for the upcoming holiday shopping period.

The landscape for apparel retailers and department stores like Macy’s has become increasingly difficult. Consumers are gravitating towards big-box retailers such as Walmart and Target, as well as turning to online shopping, notably through platforms like Amazon. Contrastingly, Target recently raised its profit predictions.

Macy’s is confronted with some stark figures. Sales comparisons show a 3.5% decrease as of November 2nd, well beyond the anticipated 1% decline by analysts. The decline in international tourism is pinpointed as a prominent factor affecting Macy’s sales performance. As a result, the company has revised its adjusted profit projection to $2.57-$2.77 per share, down from the previous range of $2.85-$3.05 per share. The adjusted net income forecast has also been slashed from $0.27 per share to $0.07 per share.