The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Macy's Inc. said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to Covid-19 lockdowns.
The company's shares rose 12 percent in premarket trading, a day after Macy's said it had raised $4.5 billion to navigate through the fallout from the pandemic.
Macy's, like most other non-essential retailers in the United States, was forced to shut nearly all its 800 stores in March to contain the spread of the coronavirus.
While a full economic recovery is expected to be years away, retailers like American Eagle Outfitters Inc., Abercrombie & Fitch and Macy's have indicated a recovery in sales, with a surge in online orders.
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Macy's Chief Executive Jeff Gennette said the company is now working to get the right merchandise in place for the crucial holiday season.
Macy's said its preliminary sales fell to $3.02 billion in the quarter ended May 2, from $5.50 billion, in line with the company's prior forecast.
The company reported a preliminary adjusted net loss of $630 million, or $2.03 per share, in the same period, compared to a profit of $137 million, or 44 cents per share, a year earlier.
Macy's has delayed reporting its full first-quarter results to July 1.
By Uday Sampath; editor: Ramakrishnan M
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.