A sign that marks the Macy's store is seen at the Herald Square location in New York, U.S., May 9, 2016.    REUTERS/Shannon Stapleton/File Photo

A sign that marks the Macy's store is seen at the Herald Square location in New York, U.S., May 9, 2016. REUTERS/Shannon Stapleton/File Photo (Copyright Reuters 2016)

Macy's quarterly sales fall 4.2 percent

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Department store operator Macy's Inc reported a 4.2 percent fall in third-quarter sales, and said it had formed a partnership with asset manager Brookfield Asset Management to enhance the value of its real estate.

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Net income attributable to Macy's fell to $17 million, or 5 cents per share, in the third quarter ended Oct. 29, from $118 million, or 36 cents per share, a year earlier.

Excluding non-cash retirement plan settlement charges of $62 million, or 12 cents per share, Macy's earned 17 cents per share.

Net sales fell to $5.63 billion from $5.87 billion.

Macy's same-store sales on an owned plus licensed basis fell 2.7 percent in the quarter, less than the 3.4 percent fall analysts on average had expected, according to Consensus Metrix.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Saumyadeb Chakrabarty)