Macy's Q1 2020 Reports $630M USD Loss
Due to COVID-19.
Macy’s Inc. reported an adjusted net loss of $630 million USD in the first quarter ending May 2, 2020. The department store chain has been critically hit by the coronavirus pandemic, resulting in $3.02 billion USD in net sales — over $2 billion USD less than Q1 2019’s $5.5 billion USD number.
According to sources, the company raised $4.5 billion USD in financing to keep them afloat this period. “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,” Jeff Gennette, chairman and chief executive officer, said. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong.”
He continued, “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. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment. 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.”
Elsewhere in fashion, New Balance unveiled a new three-layer face mask.
