Macy’s on Thursday reported a quarterly same-store sales decline of more than 20%, as consumers cut back their spending on clothes and accessories at America’s department stores during the coronavirus pandemic.
The results, which come a week ahead of key Black Friday and Cyber Monday shopping events, signal a rocky holiday season for Macy’s. The retailer has been closing unprofitable stores and investing more in its off-price business in a bid to boost sales. But it faces tougher competition from the likes of Target and Walmart, as they expand their apparel and beauty offerings, and consumers increasingly shift their spending away from the mall.
Macy’s also potentially faces additional, temporary store closures because of the pandemic. It currently has a location closed in El Paso, Texas, due to rising Covid-19 cases there.CNBC