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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