8/22/2023, 12:56 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q2 net sales fall by 8% to $5.13 billion

Macy's Inc. revealed on Tuesday that its net sales in the second quarter of its fiscal 2023 dropped 8% year-over-year to land at $5 billion. In the reported quarter, diluted loss per share came in at $0.08, in contrast to the previous year's diluted earnings per share of $0.99. The net loss in the second trimester stood at $22 million as opposed to the net income of $275 million recorded in 2022.

"We continue to see uncertainty in the macroeconomic environment. We are leveraging our robust data science tools to refine inventory composition, while reading and reacting to shifting consumer preferences to meet demand," CEO Jeff Gennette said.

The company's shares were up 4.55% in the premarket trade following the results' announcement.

Baha Breaking News (BBN) / AB