Macy's reported earnings on Thursday.
Macy's (M) - Get Report said its adjusted loss for the three months ending in October was pegged at 19 cents per share, down from a profit of 7 cents per share over the same period last year and well inside the Street consensus forecast of -79 cents per share. Group revenues, Macy's said, fell 22% to $3.99 billion, a figure that also topped analysts' estimates of a $3.86 billion tally.
Same-store sales were down 21% from last year, Macy's said, while digital revenues jumped 27% thanks to the retailer's focus and investment in online channels.
“Macy’s, Inc. third-quarter results reflect solid performance across all three brands – Macy’s, Bloomingdale’s and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season,” said CEO Jeff Gennette. “Customers shopped our brands across all channels in the third quarter and responded well to our expanded fulfillment offerings, such as curbside, store pickup and same-day delivery."
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