Macy's swings to a loss in Q1

Macy’s swung to a quarterly loss in the first quarter as the coronavirus pandemic forced the closure of department stores nationwide.

In a preliminary results news release, the company reported a quarterly net loss of up to $1.1 billion. Net sales fell as much as 45% to a range of $3 billion to $3.03 billion.

“We closed all of our stores ... on March 18, which had a significant impact on our first quarter results,” CEO Jeff Gennette said in a statement. “Looking back, our performance in February was solid and in line with our expectations, but we saw a precipitous decline in sales with the stores closure in March.”

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