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Macy’s First-Quarter Sales Plunge

The department store chain reported preliminary adjusted net loss of $630 million compared to a profit of $137 million a year earlier.
Macy's Herald Square flagship department store in Midtown Manhattan | Source: Shutterstock
By
  • Reuters

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.

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

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