Macy's Inc. unveiled on Wednesday that its net sales for the third quarter of fiscal 2024 fell by 2.4% compared to the same period last year to stand at $4.7 billion.

At the same time, the company reported that its diluted earnings per share (EPS) plummeted 33% year-over-year, landing at $0.10, while its net income plunged 32% to $28 million.

"Our third quarter results reflect the positive momentum we are building through our Bold New Chapter strategy," Chairman and CEO Tony Spring noted. "Quarter-to-date, comparable sales continue to trend ahead of third quarter levels across the portfolio. Looking ahead, we remain committed to achieving sustainable, profitable growth for Macy’s, Inc."

The company's stock dropped by 8.67% in the premarket after the report was released.