Macy’s has warned that it could lose more than $1 billion during its first quarter after the coronavirus pandemic paralyzed retail operations nationwide.
In this March 30, 2020 file photo, bicyclists pass in front of a closed Macy’s department store in Santa Ana, California. Macy’s warned Thursday, May 21 that it could lose more than $1 billion during its first quarter after the coronavirus pandemic paralyzed retail operations worldwide.
NEW YORK — Sales, the New York department store said in a preliminary report Thursday, could plummet to around $3 billion, down 45% from the $5.5 billion in sales booked just a year ago.The company said it would likely swing to a quarterly loss of between $905,000 and $1.1 billion.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.
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