Macy’s Is Betting on Strong Holiday Season to Save Its Fiscal Year
On Tuesday, Macy's (NYSE: M) reported preliminary first-quarter results that revealed the depth of the COVID-19 pandemic's impact on its business. Sales plunged 45% to $3 billion as most of its department store locations were closed to shoppers in observance of social distancing mandates. This slumping customer traffic generated a big financial strain, leading to adjusted net losses of over $600 million compared to a $136 million profit a year earlier. Per-share losses amounted to $2.03 compared to a $0.44 gain last year.
The news will get worse, too, since that earnings figure doesn't include major writedown and impairment charges that Macy's expects to report in its complete earnings announcement on July 1.
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Source Fool.com
