Macy’s on Thursday reported a quarterly same-store sales decline of more than 20%, as consumers continued to cut back their spending on clothes and accessories at America’s department stores during the coronavirus pandemic.
Its shares dropped more than 2% in premarket trading.
Here’s how the retailer did during its fiscal third quarter ended Oct. 31 compared with what analysts were expecting, based on Refinitiv data:
- Earnings per share: a loss of 19 cents, adjusted, vs. a loss of 79 cents, expected
- Revenue: $3.99 billion vs. $3.86 billion, expected
As of Wednesday’s market close, Macy’s shares are down about 47% this year. The company has a market cap of $2.8 billion.
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