Macy's reports drop in Q3 sales

Macy’s, Inc. reported third quarter net sales of 3,990 million dollars compared to 5,173 million dollars in the third quarter of 2019. Comparable sales were down 21 percent on an owned basis and down 20.2 percent on an owned plus licensed basis, due to continued stores recovery and continued growth of digital business. Macy’s said diluted loss per share was 29 cents and adjusted diluted loss per share was 19 cents compared to diluted earnings of 1 cent and adjusted earnings of 7 cents in the same quarter of 2019.