The decline in Macy’s same-store sales slowed in the latest quarter but investors apparently remain doubtful that the struggling retailer’s turnaround efforts will succeed.

For the second quarter, comparable sales fell 2.8%. It was the 10th straight quarter of decline for Macy’s, though the drop was an improvement on the 3.% decline in the first quarter.

Macy’s also beat Wall Street estimates by reporting total net sales fell 5.4% to $5.55 billion. Adjusted earnings of 48 cents a share came in ahead of the 45 cents that analysts were projecting.

The results “were in line with our expectations, and we are on track to meet 2017 sales and earnings guidance,” CEO Jeff Gennette said in a news release, citing a “notable contribution from the full execution of our new women’s shoe and jewelry models and the continued successful testing of [off-price concept] Backstage in store.”

“We are working with a mindset of continuous improvement and will adapt our business in order to reach our goal of stabilizing the brick-and-mortar business while investing for accelerated growth in digital and mobile,” he added.

But there was no relief for Macy’s stock. In trading Thursday, it fell 10.25% to $20.67, bringing its decline since late November to 54%.

Kohl’s and Dillard’s also reported Thursday that sales continued to tumble amid declining traffic in malls as shoppers shift to e-commerce.

“Today serves as another reminder of these companies’ inability to reinvent themselves,” Gordon Haskett analyst Chuck Grom told the New York Post. “What investors want to hear before investing in them is that they have a strategy to become more relevant.”

As Fortune reports, Macy’s has been closing dozens of stores this year in order to focus on its better-performing properties and pouring billions into e-commerce, but “has been hurt by weakness in the apparel industry, its biggest category, and the sameness of merchandise across department stores, which has forced the retailer to resort to deep discounting.”

“There is still work ahead of us, however, I’m encouraged by the progress we’re making on overall performance,” Gennette said.

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