US department store chain Macy's has reported $4.74bn in net sales for the third quarter of the fiscal year 2024 - a 2.4% decline compared to the previous year.

The retailer experienced a comparable sales decrease of 2.4% on an owned basis and 1.3% on an owned-plus-licensed-plus-marketplace basis during the quarter.

Growth in Macy's First 50 locations, in Bloomingdale’s and in Bluemercury was overshadowed by weaker performance in other non-First 50 locations, its digital channel and cold weather categories.

Macy's go-forward business saw comparable sales drop by 2% on an owned basis and by 0.9% on an owned-plus-licensed-plus-marketplace basis.

Macy's net sales fell by 3.1%, with comparable sales down by 3% on an owned basis and by 2.2% on an owned-plus-licensed-plus-marketplace basis.

The First 50 locations stood out with a 1.9% increase in comparable sales on both an owned and an owned-plus-licensed basis, marking its growth for the third consecutive quarter.

Bloomingdale’s reported a net sales increase of 1.4%, with comparable sales up by 1.0% on an owned basis and by 3.2% on an owned-plus-licensed-plus-marketplace basis, driven by contemporary apparel, beauty and digital strength.

Bluemercury continued its positive trajectory with a net sales increase of 3.2% and comparable sales growth of 3.3% on an owned basis, marking the fifteenth consecutive quarter of growth, particularly due to its skincare offerings.

Merchandise inventories rose by 3.9% year-on-year, reflecting improved inventory composition and supply chain efficiencies, with cost accounting conversion accounting for about half of the increase.

The company's total debt stands at $2.865bn, including $86m of short-term borrowings under its asset-based credit facility. There are no significant long-term debt maturities until 2027.

Macy’s chairman and CEO Tony Spring said: "We delivered third-quarter sales in line with expectations as we continued to make traction on our Bold New Chapter strategy initiatives.

“Our Macy's First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands, Bloomingdale's and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third-quarter levels across nameplates.”

Macy's has recently announced that an internal investigation had revealed that an employee deliberately withheld between $132m and $154m in delivery expenses from the fourth quarter of 2021 to the third quarter of 2024. Over this period, the company recorded around $4.36bn in delivery expenses.