Why Macy's Stock Dropped Today
Shares of Macy's (NYSE: M) fell 5% on Tuesday, following the department store chain's fourth-quarter earnings report.
Macy's net sales rose 28% year over year to $8.7 billion. The retailer experienced a 27.8% rise in its comparable-store sales at its owned and licensed stores, as customers returned in droves.
Meanwhile, Macy's online operations continued to grow at an impressive clip, with digital sales up 12% compared to the year-ago period and 36% versus the fourth quarter of 2019.
Source Fool.com
