(Reuters) – Macy’s Inc (N:) reported just a 0.6% drop in holiday period same-store sales on Thursday, quelling fears of a more dramatic fall in the department store operator’s numbers for the crucial annual shopping season after an earlier profit warning.

The company benefited from strong online sales and demand for gifting assortments, Macy’s Chief Executive Officer Jeff Gennette said.

The reported drop was for the months of November and December.

Macy’s shares rose nearly 5% in premarket trading.

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2020-01-08