The nation’s largest department store operator stated that it expects first-quarter sales to fall by as much as forty five percent as its stores remained dark during the Covid-19 outbreak.
“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.” – Jeff Gennette, CEO
“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. We notified our banking partners early on of our plans to access additional financing, and this process is on track. We are confident we will obtain this financing before it is needed, allowing us to improve our financial flexibility.” – Gennette concluded.