Macy’s reported declining revenue in the second quarter as consumers bought fewer goods at its stores and delinquencies rose among its credit-card holders.
The department-store chain’s sales were $5.13 billion in the quarter ended July 29, down 8% from a year ago, but still above Wall Street forecasts. Revenue from its bricks-and-mortar locations declined at the same clip, while digital sales dropped 10%.
The company swung to a small loss for the quarter, though stripping out one-time items, adjusted earnings were 26 cents a share, topping projections for 14 cents a share from analysts polled by FactSet.
Read the full story on The Wall Street Journal here.