Macy's Says Operating Loss Could Be as High as $1.11 Billion in First Quarter
Although Macy's (NYSE: M) may be facing considerable losses, investors were cheered by a preliminary earnings report published by the troubled retailer on Thursday.
The company expects to post net sales between $3 billion and $3.03 billion for its first quarter of fiscal 2020, down considerably from the just over $5.5 billion in the same quarter of 2019. The company's operating result is forecast to experience a dramatic flip into the red, with the loss coming in between $905 million to $1.11 billion; the Q1 2019 result was a profit of $203 million.
Macy's total debt may also be worse. It's anticipated to grow to almost $5.66 billion in the quarter, compared to the year-ago amount of $4.72 billion.
Source Fool.com
