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Macy’s shares fall as same-store sales drop more than 20% – CNBC

Macy’s reported a same-store sales decline of more than 20%, as consumers cut back their spending on clothes and accessories at department stores.

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Macy’s shares fell Thursday after the company 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…

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