Macy’s Lost a Whopping $652 Million in The First Quarter!
Macy’s Lost a Whopping $652 Million in The First Quarter!
Every business not names Amazon felt the wrath of COVID-19. In fact scores of businesses around the country will not be able to return. Big box stores such as Macy’s took a huge losses by not being open to the public. In fact Macy’s first quarter earnings dipped $652 million loss.
“The COVID-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” Jeff Gennette, Macy’s chairman and CEO, said. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong.”
Macy’s feel that they can eventually recover. With the re-opening of stores on June 1st, Gennette stated that the stores were “performing better than expected.”
For investors this is a great sign. In fact Macy’s shares jumped 15% Monday after Macy’s reported securing $4.5 billion in financing. Although Macy’s doesn’t officially release their first quarter earnings until July 1st, things are looking up. The same cannot be said for the many big box stores that filed for bankruptcy including Pier 1, Modell’s Sporting Goods, J. Crew, Neiman Marcus, and JCPenney.
