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May 22, 2020 Comments Off on Macy’s Eyes $1B Quarterly Loss Due to Shutdown Views: 1221 Midtown New York, New York News, Top New York

Macy’s Eyes $1B Quarterly Loss Due to Shutdown

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Macys Inc., headquartered in Manhattan, said Thursday that operating losses for the first quarter could reach $1.1 billion following a shutdown of all its stores nationally on March 18 due to the COVID-19 health crisis. The retailer will release earnings results for Q1, which ended at the start of May, on July 1.

“Our performance in February was solid and in line with our expectations, but we saw a precipitous decline in sales with the stores closure in March,” said CEO Jeff Gennette. “As a developed omnichannel retailer, we experienced a steady uptick in our digital business in April, which was encouraging, but only partially offset the loss of sales from the stores.”

The company began reopening its stores on May 4, and currently has approximately 190 Macy’s and Bloomingdale’s stores open in their full formats. Another 80 Macy’s stores are expected to open for Memorial Day weekend.

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