net sales fell more than 20% in the third quarter, while the company reported its third quarterly loss in a row, as the Covid-19 pandemic continues to ding retailers’ financial results.
Net sales were $3.99 billion and fell 23% from a year earlier. Analysts polled by FactSet expected them to be $3.91 billion.
Comparable sales—which tend to measure sales at stores open at least a year at retailers—fell about 20% during the quarter that ended Oct. 31.
Looking ahead to retailers’ typically important fourth quarter, Chief Executive Jeff Gennette acknowledged how this year is unique, but expressed confidence in the company’s offerings.
“We know this year is different,” he said of the holiday season, but he added the company has “the right gifting assortment.”
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Macy’s said it had a loss of $91 million, or 29 cents a share, and said its adjusted loss was 19 cents a share. That was a much smaller loss than Wall Street expected. Profit a year prior was $2 million, or a penny a share.
While the company reported another loss for the quarter, it was much smaller than the losses Macy’s logged for the first and second quarters of the fiscal year.
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