Plus   Neg

Macy's Q1 Results Miss Estimates - Quick Facts

Omni-channel fashion retailer Macy's, Inc. (M) reported Wednesday a first quarter net loss of $3.58 billion or $11.53 per share, compared to net income of $136 million or $0.44 per share in the prior-year quarter. Adjusted net loss was $630 million, or $2.03 per share.

Net sales for the quarter decreased of $3.02 billion from %5.50 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $2.57 per share on net sales of $3.68 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company said it is not currently providing an updated outlook. It had previously withdrawn its 2020 sales and earnings guidance on March 20.

The company noted that nearly all of its stores have now reopened, including stores in the major metropolitan regions. Stores continued to perform ahead of expectations through May and June, and the company's digital business sales remained strong across geographies.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT