Macy’s doesn’t impress with its Q3 results

November 20, 2020
Macy’s doesn’t impress with its Q3 results

The pandemic left its mark on the business

The pandemic’s effects on a business can be seen when that company is releasing quarterly figures, as it seems to be the case for Macy’s this time around.

The American retailer had in Q3 2020 a net loss of $91 million. During the same quarter last year, it had a net profit of $2 million. Its same-store sales came in at $3.99 billion, topping the $3.86 billion expected. However, it came lower than the $5.17 billion posted in Q3 2019.

But there was a silver lining - Macy’s online sales went up 27% in the quarter, the increase being driven by the pandemic.

Considering the new wave of COVID-19 infections that surged in the US, Macy’s is considering multiple stores around the country. In the future, its sales could drop as much as 20%.

Year-to-date, Macy’s stock price plummeted 47%.

Sources: investing.com, cnbc.com

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