Perhaps there’s some light at the end of the tunnel for battered retailers: Macy’s just revealed that its first quarter won’t be quite as dismal …
Perhaps there’s some light at the end of the tunnel for battered retailers: Macy’s just revealed that its first quarter won’t be quite as dismal as expected.
The department store previously forecast up to a $1.1 billion operating loss in its first quarter. But, as stores reopen—450 at last count—customers are returning in much larger numbers than Macy’s had believed possible. Macy’s now expects an operating loss of “only” $969 million between February and May, Macy’s said in a release on June 9.
The somewhat rosier outlook sent Macy’s shares nearly 10 percent higher in premarket trading.
“Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong,” Macy’s CEO Jeff Gennette said in the release.
