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
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.