Department store chain Macy’s, Inc. (NYSE: M) on Thursday said its third-quarter 2023 sales and adjusted earnings declined from last year. The company also provided guidance for fiscal 2023.
Net sales declined 7% year-over-year to $4.86 billion in the October quarter when comparable store sales, on an owned and licensed basis, decreased by 6.3%.
The weak top-line performance translated into a 60% fall in adjusted profit to $0.21 per share during the three-month period. On an unadjusted basis, net income was $43 million or $0.15 per share, compared to $108 million or $0.39 per share last year.