Macy’s – the nation’s largest department store operator said it expects to report sales slightly over $3 billion, which is down from $5.50 billion last year, and an overall operating loss of $905 million to $1.11 billion when it reports first-quarter earnings on July 1.
However as of this week, one hundred and ninety Macy’s and Bloomingdale’s locations have reopened, with another eighty Macy’s stores expected to reopen today (Memorial Day). The company expects most of its stores across its network to be reopened by late June.
“We experienced a steady uptick in our digital business in April, which was encouraging, but only partially offset the loss of sales from the stores, we expect business to recover gradually. With two weeks of results from reopened stores, customer demand is moderately higher than we anticipated,” said Gennette. “We are closely watching consumer behavior as we reopen more stores, and we remain flexible as we navigate this crisis.’ – CEO Jeff Gennette.
“We notified our banking partners early on of our plans to access additional financing, and this process is on track,” Gennette stated. “We are confident we will obtain this financing before it is needed, allowing us to improve our financial flexibility.” – Gennette concluded
