New York (CNN Business) Macy's had a rough spring. It's the latest sign of pressure on the battered department store sector.

Macy's profit fell 48% during its spring quarter compared with the same period a year ago, the company said in earnings on Wednesday. Macy's lowered its profit expectations for the remainder of the year.

Macy's M Investors quickly sold offstock, driving it down as much as 16% during early trading. Heading into Wednesday, shares of Macy's had fallen 34% this year.

During the spring, Macy's said it had a "fashion miss" in its key private-label athletic brand and struggled to sell warm weather gear. International tourism to its stores also slowed down, as the global economy slows, according to the company. That left Macy's with too many clothes on the shelves, forcing the company to put them on sale to clear out inventory for the fall. Discounts pinched Macy's quarterly profit.

"We had a slow start to the quarter and finished below our expectations," Macy's CEO Jeff Gennette said in prepared comments. "We took markdowns to clear the excess spring inventory."

Read More