Macy's: posts loss on heavy charges, sales drop

(CercleFinance.com) - Macy's reported a wide loss on non-recurring charges and significantly lower revenues, warning that the Covid-19 pandemic will continue to impact the country for the rest of the year.


For its first quarter, the New York-based retailer reported a net loss of 3.6 billion dollars, or 2.03 dollars per share, compared with a net profit of 136 million dollars, or 44 cents a share, last year.

The loss includes non-cash asset impairment and restructuring charges of 3.1 billion dollars due to the pandemic.

The department store operator said its net sales fell to 3 billion dollars, from 5.5 billion dollars last year.

Macy's said that nearly all of its stores have now reopened, and that they continued to outperform expectations throughout May and June.

The company said it still expects a "gradual" recovery in sales.

Copyright (c) 2020 CercleFinance.com. All rights reserved.