Online shopping boosted sales for Macy’s
The American department store, Macy’s released earlier today its #Q2 #earnings report. The figures that came in were mixed.
Macy’s posted an adjusted loss per share of 81 cents, which totaled $251 million. The loss per share was lower than the $1.77 expected.
Its net sales totaled $3.6 billion, better than the $3.48 billion forecasted. However, the current figures are lower than last year’s $5.5 billion.
Despite net sales being higher than expected, the same-store sales fell 34.7%. Analysts were looking for a drop of 18.7%. But, the abovementioned drop was offset by a 53% gain in digital sales. Macy’s ended the quarter having roughly $1.4 billion in cash.
The company didn't provide any further guidance, given the uncertainty brought by the pandemic, but it stated that it is looking forward to the holiday season.
Following the report, Macy’s stock price gained more than 5%. Year to date, it lost 56%, while USA500 gained 9.2%.
Read here about the Q2 results of Macy’s competitor, Ulta Beauty!
Sources: cnbc.com, thestreet.com
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