Macy’s Inc. shares are down 1.8% in premarket trading Monday after the retailer warned that holiday sales could be weaker than expected. In an update early Monday, Macy’s said that fourth-quarter sales will be at or slightly below the low end of the company’s outlook.

Macy’s Inc. issued a slightly more downbeat outlook for sales in the current quarter, a sign that executives might have been too optimistic about their expectations for a solid holiday shopping season.