Business

Macy's quarterly comparable sales top estimates

Macy's quarterly comparable sales top estimates
FILE PHOTO: A sign marks the Macy's store in Boston. Photo: Reuters
Published: 8:20 PM, August 10, 2017

Department store operator Macy's Inc <M.N> joined rival Kohl's Corp <KSS.N> in reporting a smaller-than-expected decline in quarterly comparable sales.

Sales at Macy's stores open more than 12 months, including sales in departments licensed to third parties, fell 2.5 percent.

However, this came in better than the 3 percent drop expected by analysts polled by research firm Consensus Metrix,

Net income attributable to Macy's shareholders rose to $116 million, or 38 cents per share, in the second quarter ended July 29 from $11 million, or 3 cents per share, a year earlier.

The company recorded impairment charges of $249 million in the year-earlier period.

Net sales fell 5.4 percent to $5.55 billion. REUTERS