Tuesday, December 1, 2020
Home WOLRD Mad, Mad World Macy's reports first-quarter loss but does not expect 'another full shutdown'

Macy’s reports first-quarter loss but does not expect ‘another full shutdown’

Macy’s at Valencia Town Center Mall opens for curbside pickup service during COVID-19 outbreak on May 21, 2020 in Santa Clarita, California.

Robin L Marshall | Getty Images

Macy’s said Wednesday it swung to a first-quarter loss, in line with its previously announced estimates, as the coronavirus pandemic helped slice sales nearly in half. 

Chief Executive Jeff Gennette said that nearly all of the company’s stores have since reopened and are performing ahead of expectations this month. He did not provide specifics but added that the department store chain continues to expect a “gradual sales recovery.” 

“We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level,” he said. 

Macy’s shares were down 1.5% in premarket trading. 

Here’s how the company did during its fiscal first quarter ended May 2: 

  • Loss per share: $2.03, adjusted 
  • Revenue: $3.02 billion 

Macy’s reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year earlier. Excluding one-time charges, it lost $2.03 per share. 

Revenue declined to $3.03 billion from $5.50 billion a year ago. 

Analysts have been calling for Macy’s to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data. 

Macy’s, which pre-announced its first-quarter earnings on May 21, is not offering a 2020 outlook at this time. 

Macy’s shares as of Tuesday’s market close had fallen nearly 60% this year. The company has a market cap of $2.1 billion. 

Here is the full press release from Macy’s. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

HSE Interview Questions & Answers

What is Safety? The condition of being protected from or unlikely to cause danger, risk, or injury is Called Safety. What is the accident? It is an...

Putham Pudhu Kaalai trailer: Five Tamil filmmakers bring five stories of love in the time of Covid-19

The trailer of Amazon Prime’s upcoming Tamil film Putham Pudhu Kaalai was unveiled on Monday by filmmaker Mani Ratnam and composer A.R Rahman. Tamil...

Samsung Galaxy S20 FE Set to Launch in India Tomorrow

Samsung Galaxy S20 FE is set to launch in India on Tuesday, October 6, the company confirmed to Gadgets 360. The phone debuted globally...