8 June 2020
The Weekly
United States

Macy’s, severely impacted by the coronavirus, reported a loss of $652mnfor the first quarter ended May 2, compared to profits of $137mnin the year-ago quarter. Net sales amounted to $3.02bn, versus $5.5bn in the year-ago quarter. The loss last quarter from operations was $969mn, versus an operating profit of $203mn in the 2019 period. The $24.6bn Macy’s, which operates Macy’s, Bloomingdale’s, Blue Mercury and Backstage stores, said the results reported Tuesday are preliminary, but were better than expected. Late Monday, the company reported that it raised $4.5bn in financing, providing cushioning to navigate through the pandemic. By June 1, Macy’s had approximately 450 stores reopened, with the majority opened in their full format. Reopened stores are performing better than anticipated.