Macy’s third-quarter net sales were down 7 per cent year on year to $5 billion, driven by declines in both brick-and-mortar and digital sales.

The company’s comparable sales dipped 7 per cent on an owned basis and 6.3 per cent on an owned-plus-licensed basis.

Macy’s is once again losing market share, Neil Saunders, MD of GlobalData, said, describing the decrease as another “below average performance”.

“Almost all this poor performance is being driven by the Macy’s fascia where comparable sales dropped by 7.6 per cent,” Saunders continued.

Bloomingdale’s comparable sales dropped by a more modest 3.2 per cent, which reflects the more financially insulated customer base and a more disciplined approach to retailing.

Meanwhile, Bluemercury comparable sales were up 2.5 per cent, largely thanks to the continued strength of the beauty category, Saunders said.

“Against a market that has grown strongly, including in Macy’s core category of apparel, this is simply not a good performance and highlights a company that is struggling to maintain its relevance and its place as an iconic American retailer,” he added.

The company has updated its guidance to reflect an uncertain macroeconomic climate and the related pressures on consumers. Full-year net sales are expected to be in the range of $22.9 billion to $23.2 billion.

“Looking forward we have strong continuity with Tony Spring transitioning to CEO in February and I am confident he and our leadership team will guide Macy’s Inc to sustainable long-term profitable sales growth in the future,” said Jeff Gennette, Macy’s chairman and CEO.