The Pillsbury Doughboy being deflated after a Macy's parade. Reuters/Andrew Kelly Macy's saw its stock fall by more than 12% to $25.72 on Thursday after reporting that same-store sales missed consensus estimates by more than a full percentage point.

The department-store chain said comparable sales on an owned-plus-licensed basis contracted by 4.6% in the first quarter, missing analyst forecasts of a 3.5% year-over-year decline. Macy's also reported an adjusted loss of $0.24 a share, falling short of the consensus estimate of a $0.35-a-share loss.

"Our first-quarter sales and earnings results were consistent with our expectations, and we remain on track to meet our 2017 guidance," president and CEO Jeff Gennette said in a statement. "In 2017, we are focused on taking actions to stabilize our brick-and-mortar business, including the testing and iteration of additional pilot programs in order to bring them to scale in future years."

The share decline is more bad news for Macy's shareholders, who have seen the stock plunge by 35% through Wednesday's close after passing a one-year high on November 23.

The broader sector has fallen on hard times of late, with US retailers closing stores and filing for bankruptcy at rates not seen since the financial crisis.

Macy's, Sears, JCPenney, and more than a dozen other national retailers have also announced mass store closings. The total stands at more than 3,200 stores this year.