Wednesday, April 30, 2025
59.0°F

Macy posts 3Q loss but early holiday shopping season helps

Anne D'Innocenzio | Hagadone News Network | UPDATED 4 years, 5 months AGO
by Anne D'Innocenzio
| November 19, 2020 4:33 AM

NEW YORK (AP) — Macy's swung to a loss and sales tumbled 22% as the department store chain struggles to bring shoppers back in a pandemic.

But the quarterly results Macy's reported Thursday are better than most had expected because it was able to get its customers thinking about holiday shopping early.

Macy's had a loss of $91 million, or 29 cents per share in the quarter ended Oct. 31. That compares with a profit of $2 million, or a penny per share in the year ago period. Sales fell to $3.99 billion in the quarter compared with $5.17 billion in the year ago period. Analysts were expecting a loss of 83 cents on sales of $3.91 billion.

Like other retailers Macy’s was forced to close its stores during the spring to curb the spread of the coronavirus and sales evaporated. The New York company furloughed a majority of its employees. Macy's began reopening its store in May but the recovery has been slow, and it needs to readjust its business to a new climate.

In June, Macy’s laid off 3,900 people corporate staffers, roughly 3% of its overall workforce, as the pandemic takes a financial toll on the iconic department store chain’s sales and profits.

MORE IMPORTED STORIES

3Q loss for Macy's, but early holiday kickoff eases pain
Columbia Basin Herald | Updated 4 years, 5 months ago
Macy's loses money in 3Q; virus surges into holiday season
Columbia Basin Herald | Updated 4 years, 5 months ago
Macy's loses money in 3Q; virus surges into holiday season
Columbia Basin Herald | Updated 4 years, 5 months ago

ARTICLES BY ANNE D'INNOCENZIO

August 21, 2021 12:03 a.m.

Landlords look for an exit amid federal eviction moratorium

NEW YORK (AP) — When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years.

August 20, 2021 12:03 a.m.

Landlords look for an exit amid federal eviction moratorium

NEW YORK (AP) — When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years.

August 19, 2021 7:30 a.m.

Landlords look for an exit amid federal eviction moratorium

NEW YORK (AP) — When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years.