Macy’s reports $91M loss in third quarter

The latest sales numbers from Macy’s are no cause for a parade.

The retail giant reported a loss of $91 million for the three-month period ending Oct. 31, with sales plunging 22% as the pandemic continued to wreak economic havoc.

A year earlier, the venerable business and host of the annual Thanksgiving Day Parade announced a $2 million profit over the same stretch.

The numbers released Friday showed Macy’s with $3.99 billion in sales for the quarter, down from $5.17 billion from the same three months in 2019.

The bad news was slightly better than analyst projections, and Macy’s online sales were actually up 27% as the company benefited by early Christmas shoppers looking to avoid the anticipated crunch in holiday shipping this year.

But it was the latest financial hit for Macy’s in this bizarre world of 2020.

The 162-year-old business, with its flagship Herald Square store, was forced to shutter its stores in the spring as COVID-19 began to spread across the country, with many workers furloughed during the closures.

And in June, Macy’s laid off 3,900 corporate staffers — about 3% of its workforce.

The company has so far avoided joining a number of other major retail businesses in seeking bankruptcy protection, like J.C. Penney and Neiman Marcus.

Macy’s is also offering early Christmas discounts in an effort to avoid in-store overcrowding and induce shoppers to buy online with curbside pickup.