Macy's beats estimates, same-store sales fall more than expected

RetailReuters

CHICAGO, Nov 9 (Reuters) - Macy's Inc (NYSE:M) reported a bigger-than-expected drop in third-quarter comparable sales on Thursday as the department store operator struggled with lower foot traffic and stiff competition from online rivals.

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Sales at Macy's stores open more than 12 months, including sales in departments licensed to third parties, were down 3.6 percent, below the average analyst estimate of a 2.6 percent decline, according to Thomson Reuters I/B/E/S.

Net income attributable to Macy's shareholders rose to $36 million, or 12 cents per share, in the third quarter ended Oct. 28, from $17 million, or 5 cents per share, a year earlier.

(Reporting by Richa Naidu in Chicago and Sruthi Ramakrishnan in Bengaluru; Editing by Chizu Nomiyama)

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