Macy's reports Q1 loss

Macy’s, Inc., in a preliminary first quarter statement reported loss per share of 2.10 dollars and adjusted Diluted loss per share of 2.03 dollars compared to earnings per share of 44 cents for the same quarter last year. The company’s net sales for the quarter reached 3,017 million dollars compared to 5,504 million dollars for the same quarter last year, while net loss was 969 million dollars against earnings of 136 million dollars and adjusted loss was 630 million dollars compared to 137 million dollars earnings.

“The Covid-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” said Jeff Gennette, Macy’s Chairman and Chief Executive Officer, adding, “By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. “

“We are seeing strong sell-through of seasonal merchandise, and anticipate that we will exit the second quarter in a clean inventory position. The holiday season will be crucial, and the team is working now to get the right merchandise and assortment in place,” added Gennette.

Picture:Macy's media centre