Pandemic Could Push Macy’s to Losses Exceeding $1 Billion
NEW YORK (AP) -- Macy's is warning that it could lose more than a $1 billion during its first quarter after the coronavirus pandemic paralyzed retail operations nationwide.
Sales could plummet to around $3 billion, down 45% from the $5.5 billion in sales booked just a year ago. The company said Thursday that it would likely swing to a quarterly loss of between $905,000 and $1.1 billion.
Macy's had a profit of $203 million in last year's first quarter, which ends on May 2.
Macy's began reopening its stores on May 4 and, as of this week, about 190 Macy's and Bloomingdale's stores were open in one form or another. It expects another 80 Macy's stores to open for Memorial Day weekend.