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!
Sources: cnbc.com