Macy’s quarterly results fell short of the mark
Macy’s – one of the largest American premier retailers posted Q3 2020 earnings that reflected the pandemic’s effect on the business.
The retailer reported a net loss of $91 million, compared to last year’s Q3 when it reported a net income of $2 million. However, the loss per share came in lower than 79 cents consensus at 19 cents. Macy’s same-store sales figures came in at $3.99 billion, significantly lower than the $5.17 billion reported in Q3 2019. However, it topped the $3.86 billion forecasted.
On the other hand, digital sales benefited from the pandemic, increasing by 27%.
Given the current situation caused by the pandemic, Macy’s is considering closing multiple stores across the US. Also, it expects its sales to decline up to 20% during the current quarter.
Since the beginning of the year, Macy’s stock price has lost 47%.
See how other retailers have performed in the past quarter here!
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.