February 21, 2017 / 1:15 PM / 7 months ago

Macy's reports bigger-than-expected drop in quarterly sales

Feb 21 (Reuters) - 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 Samuel)

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