logo
Plus   Neg
Share
Email

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 It had previously withdrawn its 2020 sales and earnings guidance on March 20.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
Polaris Industries Inc. recalled about 15,800 units of Off-Road and Utility Vehicles in North America for possible crash hazard, according to a statement issued by the U.S. Consumer Product Safety Commission. There were also an additional 711 units sold in Canada. AstraZeneca's efforts to supply Covid-19 vaccine doses from its Italian unit to Australia has been blocked by the European Union and the Italian Government, citing Australia being non-vulnerable region and delays in domestic supply, among others. Italy's proposal to deny AstraZeneca's request for authorization to export COVID-19 vaccines was subsequently approved by the European Commission. Chipotle Mexican Grill, Inc. is teaming with e.l.f. Cosmetics to launch a limited edition beauty collection on March 10, aiming to support plant-based lifestyles and responsibly-sourced products. The e.l.f. x Chipotle makeup collection will comprise cruelty-free and vegan products inspired by Chipotle's responsibly-raised food.
Follow RTT