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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 It had previously withdrawn its 2020 sales and earnings guidance on March 20.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.

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