Macy’s records nearly $4 billion in losses as COVID-19 slams business, Retail News, ET Retail

Davida Erdahl

Macy’s Inc claimed a staggering $3.58 billion decline on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment cost.

The international wellness crisis has forced brick-and-mortar shops to tap credit score lines, lay off personnel and suspend dividends and buybacks in a bid to continue to be afloat.

“Even though our suppliers are reopened, we anticipate that the COVID-19 pandemic will continue to impact the place for the remainder of the 12 months,” Main Government Officer Jeff Gennette reported in a assertion, incorporating that the retailer did not anticipate yet another full shutdown of suppliers.

Macy’s, which also owns Bloomingdale’s, reported web profits for the first quarter through May perhaps 2 approximately halved to $3.02 billion.

The retailer’s final results occur as some of its peers, which includes J Crew, J.C. Penney and Neiman Marcus Group, have submitted for

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