Major US apparel retailer Macy’s Inc. has announced its third-quarter results.
The fashion retail firm reported that its sales plunged 6.1 per cent to settle at US $ 5.281 billion as against US $ 5.626 billion in the corresponding quarter last year.
Additionally, comparable sales of Macy’s on an owned-basis dropped by 4 per cent and 3.6 per cent on an owned-plus-licensed basis.
Closure of stores previously announced by Macy’s is seen as a major factor responsible for the negative impact on the financial results.
Macy’s operating income for the third quarter totalled US $ 121 million compared to US $ 107 million last year.
The retailer has also reaffirmed its sales and earnings guidance for the full year 2017.
The company expects comparable sales to tumble between 2.2 per cent and 3.3 per cent. Total sales are likely to be down between 3.2 per cent and 4.3 per cent.
However, Jeff Gennette, Macy’s Chief Executive Officer said that the company is excited about its plans for the holiday season.
Macy’s has already announced the hiring of 80,000 temporary workers for the smooth functioning during the upcoming holiday rush.