Macy's Says Its 450 Reopened Stores Performing Better Than Expected

Reuters  |

Image: Macy's Herald Square store, New York. Source: Macy's

(Reuters) - 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% 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 Officer 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.

Reporting by Uday Sampath in Bengaluru; Editing by Ramakrishnan M.

_____

Source: Reuters

Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
GOOG

     
XOM

     
BRK.A

     
FB

     
JNJ

     
WFC

     
T

     
NFLX

     
TSLA

     
V

     
UNH

     
PG

     

Markets