Macy's on Wednesday reported a first-quarter loss, in line with the retailer's previously announced estimates, as its business took a hit from the coronavirus pandemic.
Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month. He added that the department store chain continues to expect a "gradual sales recovery."
"We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level," he said.Here's how the company did during its fiscal first quarter ended May 2:Macy's reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year ago. Excluding one-time charges, it lost $2.03 per share.Analysts have been calling for Macy's to report a loss of $2.
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