Macy’s reported its first same-store sales decline in 2 years, citing warmer weather and weaker traffic at some malls. Q3 earnings beat Wall Street estimates, but revenue for the quarter was lower than expected.
on Thursday reported its first same-store sales decline in two years, casting blame on warmer weather and weak traffic at some shopping malls.Macy's stock was down more than 6% in premarket trading after plummeting more than 10% following the earnings release.
He said the company also experienced issues, albeit briefly, on its website during the period, "in preparation for the fourth quarter." Net income during the quarter ended Nov. 2 fell to $2 million, or a penny a share, from $62 million, or 20 cents, a year earlier. Excluding one-time items, Macy's earned 7 cents a share, better than the breakeven consensus in Refinitiv's survey of analysts.
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