Department store chain Macy's Inc. (M) Tuesday reported a profit for the fourth quarter that dropped 52.9 percent from last year. Quarterly net sales declined 18.7 percent. Comparable sales down 17.0 percent on an owned basis and down 17.1 percent on an owned plus licensed basis, reflecting the continued challenges posed by the COVID-19 pandemic.
Both adjusted earnings per share and quarterly net sales topped analysts' expectations.
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