August 10, 2017 / 12:20 PM / 3 months ago

Macy's quarterly comparable sales top estimates

(Reuters) - Department store operator Macy’s Inc (M.N) joined rival Kohl’s Corp (KSS.N) in reporting a smaller-than-expected decline in quarterly comparable sales.

FILE PHOTO: A sign marks the Macy's store in Boston, Massachusetts, U.S., February 21, 2017. REUTERS/Brian Snyder/File Photo

Sales at Macy’s stores open more than 12 months, including sales in departments licensed to third parties, fell 2.5 percent.

However, this came in better than the 3 percent drop expected by analysts polled by research firm Consensus Metrix,

Net income attributable to Macy’s shareholders rose to $116 million, or 38 cents per share, in the second quarter ended July 29 from $11 million, or 3 cents per share, a year earlier.

The company recorded impairment charges of $249 million in the year-earlier period.

Net sales fell 5.4 percent to $5.55 billion.

Reporting by Sruthi Ramakrishnan in Bengaluru,

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