Macy's Q3 Results Top Estimates - Quick Facts

(RTTNews) - Macy's Inc. (M) reported that its net loss for the third quarter of 2020 was $91 million or $0.29 per share, compared to net income of $2 million or $0.01 per share in the previous year.

Adjusted net loss for the quarter was $60 million or $0.19 per share compared to net income of $21 million or $0.07 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.79 per share for the third-quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $3.99 billion from $5.17 billion last year. Analysts expected revenues of $3.86 billion for the quarter.

Comparable sales were down 21.0% on an owned basis and down 20.2% on an owned plus licensed basis, due to continued stores recovery and continued growth of digital business.

Digital sales grew 27% over third quarter 2019. Digital sales penetrated at 38% of total owned comparable sales.

The company previously withdrew its 2020 guidance due to ongoing uncertainty as a result of the COVID-19 pandemic.