Macy's quarterly comparable sales top estimates

Industries Reuters

A sign that marks the Macy's store is seen at the Herald Square location in New York (Copyright Reuters 2016)

Department store operator Macy's Inc joined rival Kohl's Corp in reporting a smaller-than-expected decline in quarterly comparable sales.

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Sales at Macy's stores open more than 12 months, including sales in departments licensed to third parties, fell 2.5 percent.

However, this came in better than the 3 percent drop expected by analysts polled by research firm Consensus Metrix,

Net income attributable to Macy's shareholders rose to $116 million, or 38 cents per share, in the second quarter ended July 29 from $11 million, or 3 cents per share, a year earlier.

The company recorded impairment charges of $249 million in the year-earlier period.

Net sales fell 5.4 percent to $5.55 billion.

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(Reporting by Sruthi Ramakrishnan in Bengaluru,)

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