Macy’s stock falls after results swing to a loss

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Macy’s Inc. shares fell 2.1% in Thursday premarket trading after the department store retailer reported a third-quarter loss. Net loss totaled $91 million, or 29 cents per share, after net income of $2 million, or a penny per share, last year. Adjusted loss per share of 19 cents were ahead of the FactSet consensus for an 83 cents per share loss. Sales of $3.99 billion were down from $5.17 billion and ahead of the $3.91 billion FactSet consensus. Digital sales were up 27%. Comparable sales were down 21% on an owned basis, and fell 20.2% on an owned-plus-licensed basis. Macy’s stock has tumbled 47.1% in 2020 while the S&P 500 index is up 10.4% for the period.
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