People walk past Macy’s flagship store in Herald Square in New York City.
Macy’s holiday sales dropped, the company announced Wednesday, but not as much as analysts had anticipated, sending the department store chain’s shares sharply higher.
It said same-store sales fell 0.6% at its owned and licensed stores during November and December. At owned stores, same-store sales fell 0.7% during that period.
For the fourth quarter, which includes the holiday season, analysts had been calling for a 1.75% decline in same-store sales, according to a poll by Refinitiv.
Macy’s shares climbed as much as 7% in premarket trading on the news, which provided some hope that some of Macy’s efforts…