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Macy's Reports Preliminary Q1 Operating Loss - Quick Facts

Macy's, Inc. (M) projected its first quarter operating loss in a range of $1.11 billion to $905 million. Net sales are anticipated in the range of $3.00 billion to $3.03 billion. COVID-19 pandemic significantly impacted March and April sales. The company noted that its February sales performance were in line with expectations.

Jeff Gennette, CEO, said: "We began reopening our stores on May 4 and, as of this week, have approximately 190 Macy's and Bloomingdale's stores open in their full formats. We expect another 80 Macy's stores to open for Memorial Day weekend."

Macy's said, upon Price's departure, Felicia Williams, who currently serves as senior vice president, controller and enterprise risk officer, will become interim chief financial officer.

Macy's expects to provide select and preliminary first quarter financial results on June 9, 2020 and will release its first quarter earnings results on July 1, 2020.

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