The main Macy’s (M) investment thesis is no longer valid.

For the past two years or so, Macy’s management has pitched the retailer as above the generally disastrous scene unfolding at malls across the country. That scene is characterized as an insane number of store closures at once-formidable apparel chains, terrible customer traffic amid the shift to online shopping, and higher than normal in-season markdown levels.

Macy’s has consistently tried to spin a different tale.

One of a legacy department store created through various mergers that was early to shutter unprofitable stores to cut costs and hopefully meet quarterly earnings. One that now has traffic-driving off-price outlets inside a good number of Macy’s locations. One that has about 50 stores where new growth initiatives are being tested, and then soon applied to the rest of its fleet of 680-plus department stores. One that is racking up big sales online, especially on mobile devices. One that has ample opportunities to monetize unproductive real estate, which could then be plowed into needed capital investment and god knows what else.

Unfortunately for Macy’s, its disastrous second quarter earnings release and material cut to its full-year earnings guidance on Wednesday officially kills its entire thesis. It’s dead, done, gone. Actually, Macy’s stock being down 60% this past year suggested well before Wednesday’s awful results that it was struggling — the numbers Wednesday just confirmed Mr. Market’s helpful early insights.

The problem here: Macy’s has proven to be just another retailer caught in the seismic shift in consumer shopping. That’s not a great place to be — just ask Sears, J.C. Penney (JCP) and, Payless ShoeSource.

A very disappointing quarter

Macy’s badly whiffed, across the board, in the second quarter. This writer isn’t shocked — many trips to various Macy’s stores this year have yielded very lean inventory levels and a lack of associate help. In large part, this could be due to Macy’s $100 million plan to streamline costs — that has included canning at least 100 vice presidents. Morale is low in the stores, according to sources.

Whatever way one slices it, Macy’s has left itself in a position to disappoint the shoppers who do wander into its stores. Has the cost-cutting gone too far? Perhaps, but what other choice is there when you have pricey leases and weak traffic? Not many, if you want to be profitable.

At least that’s the takeaway from the second quarter:

• Earnings of 28 cents a share badly missed Wall Street analyst estimates for 45 cents a share.

• Earnings of 28 cents a share tanked, versus the 70 cents a share reported a year ago.

• Same-store sales rose a meager 0.3%.

• Full-year earnings guidance slashed to $2.85 to $3.05 a share from $3.05 to $3.25 previously.

• There’s no estimate baked into guidance on the impact of apparel tariffs. But Macy’s CEO Jeff Gennette said Wednesday it would not raise prices if new tariffs are imposed.