logo
Plus   Neg
Share
Email

Macy's Q3 Results Top Estimates - Quick Facts

Macy's Inc. (M) reported that its net loss for the third quarter of 2020 was $91 million or $0.29 per share, compared to net income of $2 million or $0.01 per share in the previous year.

Adjusted net loss for the quarter was $60 million or $0.19 per share compared to net income of $21 million or $0.07 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.79 per share for the third-quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $3.99 billion from $5.17 billion last year. Analysts expected revenues of $3.86 billion for the quarter.

Comparable sales were down 21.0% on an owned basis and down 20.2% on an owned plus licensed basis, due to continued stores recovery and continued growth of digital business.

Digital sales grew 27% over third quarter 2019. Digital sales penetrated at 38% of total owned comparable sales.

The company previously withdrew its 2020 guidance due to ongoing uncertainty as a result of the COVID-19 pandemic.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Kingdom's Competition and Markets Authority (CMA) has launched an investigation into technology giant Apple Inc. (AAPL) following complaints that its terms and conditions for app developers are unfair and anti-competitive. iPhone maker Apple also operates the App Store, which is the only... Supermarket chain Kroger Co. on Thursday reported that it posted a loss for the fourth quarter compared to a profit last year, hurt by pension plan withdrawal liabilities. Adjusted earnings per share topped analysts' estimates, while quarterly revenues missed it. However, the company initiated adjusted earning guidance for the full-year 2021, well above analysts' estimates. Retail sales are projected to grow at a potentially record rate during 2021, but the ongoing COVID-19 pandemic remains the biggest challenge for the year, according to the National Retail Federation. "There is no doubt the economy is positioned for growth in 2021, but how much growth comes down to a single non-economic force - the coronavirus," NRF Chief Economist Jack Kleinhenz said.
Follow RTT