Macy’s Inc. (M) – Get Report posted a narrower-than-expected third-quarter loss Thursday and famous that it continues to watch the affect of the coronavirus pandemic on its enterprise heading into the ultimate months of the 12 months.
Macy’s mentioned its adjusted loss for the three months ending in October was pegged at 19 cents per share, down from a revenue of seven cents per share over the identical interval final 12 months and effectively contained in the Avenue consensus forecast of -79 cents per share. Group revenues, Macy’s mentioned, fell 22% to $3.99 billion, a determine that additionally topped analysts’ estimates of a $3.86 billion tally.
Identical-store gross sales had been down 21% from final 12 months, Macy’s mentioned, whereas digital revenues jumped 27% because of the retailer’s focus and funding in on-line channels.
“Macy’s, Inc. third-quarter outcomes mirror strong efficiency throughout all three manufacturers – Macy’s, Bloomingdale’s and Bluemercury. Our outcomes had been pushed by disciplined value administration, sturdy execution by our colleagues and an early begin to the vacation purchasing season,” mentioned CEO Jeff Gennette. “Clients shopped our manufacturers throughout all channels within the third quarter and responded effectively to our expanded achievement choices, equivalent to curbside, retailer pickup and same-day supply.”
“Our digital enterprise delivered sturdy progress and gross sales in our shops continued to get well. Clients have shifted their spending to informal attire and classes they will get pleasure from as they keep at dwelling.”
“Seeking to Vacation 2020, we all know this 12 months is totally different. We’re dedicated to bringing the enjoyment of the season to America as we do yearly,” he added. “From subsequent week’s Thanksgiving Day Parade to reimagined household gatherings, we are going to assist our prospects and their households have fun in fashion. We have now the appropriate gifting assortment with newness from worth to luxurious, and our expanded achievement choices permit prospects to buy safely and conveniently, in-store or on-line.”
Macy’s shares had been marked 5.7% decrease in pre-market buying and selling instantly following the earnings launch to point a gap bell worth of $8.48 every.