
Macy’s quarterly results fell short of the mark
Macy’s – one of the largest American premier retailers posted Q3 2020 earnings that reflected the pandemic’s effect on the business.
The retailer reported a net loss of $91 million, compared to last year’s Q3 when it reported a net income of $2 million. However, the loss per share came in lower than 79 cents consensus at 19 cents. Macy’s same-store sales figures came in at $3.99 billion, significantly lower than the $5.17 billion reported in Q3 2019. However, it topped the $3.86 billion forecasted.
On the other hand, digital sales benefited from the pandemic, increasing by 27%.
Given the current situation caused by the pandemic, Macy’s is considering closing multiple stores across the US. Also, it expects its sales to decline up to 20% during the current quarter.
Since the beginning of the year, Macy’s stock price has lost 47%.
See how other retailers have performed in the past quarter here!
Sources: cnbc.com
This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com
JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.