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Macy's posts bigger-than-expected comparable sales drop
November 9, 2017 / 1:15 PM / a month ago

Macy's posts bigger-than-expected comparable sales drop

CHICAGO, Nov 9 (Reuters) - Macy’s Inc 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.

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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