Macy's reports first-quarter loss, says does not expect 'another full shutdown'
Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month ... Loss per share: $2.03, adjusted Revenue: $3.02 billion Macy's reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year ago ... Analysts have been calling for Macy's to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data.
Macy's on Wednesday reported a first-quarter loss, in line with the retailer's previously announced estimates, as its business took a hit from the coronavirus pandemic.
Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month. He added that the department store chain continues to expect a "gradual sales recovery."
"We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level," he said.
Macy's shares rose less than 1% in premarket trading.
Here's how the company did during its fiscal first quarter endi'ed May 2:
- Loss per share: $2.03, adjusted
- Revenue: $3.02 billion
Macy's reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year ago. Excluding one-time charges, it lost $2.03 per share.
Revenue declined to $3.03 billion from $5.50 billion a year ago.
Analysts have been calling for Macy's to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data.
Macy's had previously on May 21 pre-announced its first-quarter earnings.
Macy's is not offering a 2020 outlook at this time.
Macy's shares as of Tuesday's market close had fallen nearly 60% this year. The company has a market cap of $2.1 billion.
Here is the full press release from Macy's.