What: Third quarter results reported to the press

Why it is important: Macy’s, while dealing with a difficult market in a country impacted by the third wave of Covid-19, is actually doing better than expected.

While sales are dropping by more than 20% for the third quarter, the net loss of USD 60 million (to be compared to earnings of USD 21 million last year on the same period) equates to a loss of 19 cents per share, when analysts were expecting a 79 cents loss. Macy’s reports that digital sales grew 27% compared to last year, to reach 38% of total sales, and that inventory is down 29% compared to last year on the same period.

Macy’s, Inc. Reports Third Quarter 2020 Results