11/16/2023, 12:57 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q3 net sales down 7% to $4.9 billion

Macy's Inc. unveiled on Thursday that its net sales for the third quarter of fiscal 2023 fell by 7% compared to the same period last year to stand at $4.9 billion.

At the same time, the company reported that its diluted earnings per share (EPS) plummeted 62% year-over-year, landing at $0.15, while its net income plunged 60% to $43 million.

"We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position. Our portfolio of nameplates are leading gift-giving destinations across the value spectrum offering exclusive products," Chairman and CEO Jeff Gennette commented.

The company's stock surged 11.02% in the premarket after the report was released.

Baha Breaking News (BBN) / JJ