Macy’s posts slight sales decline as shoppers emerge

Macy’s Inc reported a 0.8 per cent dip in its October same-store sales, ahead of the retailer’s outlook and putting it on strong footing to meet or beat its second-half projections. Cincinnati-based Macy’s operates roughly 850 department stores.

Analysts surveyed by Thomson Reuters expected the Cincinnati-based department store chain to report a same-store sales decline of 0.1 per cent. Macy’s total sales slipped by 1.3 per cent to 1.69 billion dollars from 1.71 billion dollars a year ago.

For the fiscal third quarter, its same-store sales declined by 3.6 per cent. That tracks ahead of what Macy’s had projected for the second half of the year, which is a same-store sales decline of five to six per cent. Total sales dropped 3.9 per cent, to almost 5.3 billion dollars from 5.5 billion dollars.

News Source: AEPC India

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