Macy’s is reporting a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices. Company shares tumbled 7% before the opening bell Wednesday.
Black Friday shoppers at the Walden Galleria’s Macy’s in Buffalo, NY., Friday, Nov. 29, 2024. NEW YORK — Macy’s reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices.
in expenses over several years. The company said Wednesday that its independent investigation of the incident is complete and that there is no material impact to the company’s finances.this week asked Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for Bloomingdale’s and Bluemercury chains, among other changes, to boost its slumping stock.
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