Macy’s beats quarterly sales expectations on online boost

(Reuters) – Macy’s Inc reported better-than-expected quarterly sales on Wednesday, as shoppers stuck indoors due to the COVID-19 pandemic bought more apparel using the department store chain’s app and website.

Net sales fell 35.8% to $3.56 billion in the second quarter ended Aug. 1, but beat analysts’ estimates of $3.48 billion, according to IBES data from Refinitiv.

The company reported a net loss of $431 million, or $1.39 per share, compared with a profit of $86 million, or 28 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)