Macy’s Same-Store Sales Down 20 Percent

Department store retailer Macy’s (New York) reported a 20 percent decrease in same-store sales for the third quarter, reports CNBC.

In an effort to boost sales, Macy’s has been closing unprofitable stores and focusing on its off-price business. The retailer posted a net loss of $91 million, compared to net income of $2 million in third quarter 2019.

Net sales fell from $5.17 billion in third quarter 2019 to $3.99 billion for the same period this year. Digital sales grew 27 percent, not enough to offset losses at stores.