Business

Macy's swings to a loss, but shares rise as stronger-than-expected online growth boosts sales


Macy's got a bigger-than-expected boost online during the latest quarter, even as its stores started to reopen during the coronavirus pandemic.


The department store operator's digital sales surged 53% from a year earlier, as more shoppers visited its website to buy workout clothes and home decor.


Still, with so much uncertainty in the industry ahead of the all-important holiday season, CEO Jeff Gennette said Macy's is planning conservatively for the remainder of 2020, and the company didn't provide a financial forecast.


Here's how the retailer did during its fiscal second quarter ended Aug. 1 compared with what analysts were expecting, based on Refinitiv data:


Sales online and at Macy's stores open for at least 12 months, on an owned plus licensed basis, were down 35.1%.


CEO Jeff Gennette said the department store operator is planning conservatively for the remainder of 2020.






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