Macy's reports a $3.58 billion quarterly loss as shutdowns hit sales at its stores
- Macy’s Inc reported a staggering $3.58 billion quarterly loss on Wednesday as coronavirus-related store shutdowns resulted in a $3 billion impairment charge.
Macy’s, which also owns Bloomingdale’s, said net sales for the fiscal first quarter ended May 2 nearly halved to $3.02 billion. Macy’s has faced a huge slump in traffic at its stores, especially those in malls and urban areas harder hit by lockdowns aimed at curbing the spread of the virus, Gennette said on a call with investors on Wednesday.
“Whether in staffing, fleet size, online initiatives or real estate monetization, it is at last implementing the radical surgery that should have begun years ago,” said Craig Johnson, president at retail consultancy Customer Growth Partners. “Today’s results should not be seen as any kind of surprise, but as a necessary reflection of reality — in short, a deep reset of the entire enterprise.”On a per-share basis, the company reported a net loss of $11.
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