Feb 21 Department store operator Macy's Inc
reported a bigger-than-expected drop in quarterly sales as
low demand for apparel and competition from online rivals hurt
traffic in its stores.
The owner of the Macy's and Bloomingdale's chains said
net income attributable to its shareholders fell to $475
million, or $1.54 per share, in the fourth quarter ended Jan.
28, from $544 million, or $1.73 per share, a year earlier.
The company's net sales fell 4 percent to $8.52 billion,
below the average analyst estimate of $8.62 billion, according
to Thomson Reuters I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Maju