Macy’s (M) reports Q1 2020 loss per share


>

Macy’s at Valencia Town Center Mall opens for curbside pickup service during COVID-19 outbreak on May 21, 2020 in Santa Clarita, California.

Robin L Marshall | Getty Images

Macy’s said Wednesday it swung to a first-quarter loss, in line with its previously announced estimates, as the coronavirus pandemic helped slice sales nearly in half. 

Chief Executive Jeff Gennette said that nearly all of the company’s stores have since reopened and are performing ahead of expectations this month. He did not provide specifics but added that the department store chain continues to expect a “gradual sales recovery.” 

“We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level,” he said. 

Macy’s shares were down 1.5% in premarket trading. 

Here’s how the company did during its fiscal first quarter ended May 2: 

  • Loss per share: $2.03, adjusted 
  • Revenue: $3.02 billion 

Macy’s reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year earlier. Excluding one-time charges, it lost $2.03 per share. 

Revenue declined to $3.03 billion from $5.50 billion a year ago. 

Analysts have been calling for Macy’s to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data. 

Macy’s, which pre-announced its first-quarter earnings on May 21, is not offering a 2020 outlook at this time. 

Macy’s shares as of Tuesday’s market close had fallen nearly 60% this year. The company has a market cap of $2.1 billion. 

Here is the full press release from Macy’s. 



Source link

Retail News Subscribe – One mail per day with summary

Enter your email address:

Delivered by FeedBurner

SUBSCRIBE

Enter your email address:

Delivered by FeedBurner

Safe content check

Affiliate Declaration

www.askwebman.com (askwebman.com) is a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.in.

In addition to askwebman’s participation in Amazon’s program, askwebman.com also participates in a number of other affiliate programs. That means when someone clicks on an affiliate link and purchases a product,askwebman.com receives a small commission.

This commission does not cost you anything, nor does it affect our judgement when it comes to selecting which products we showcase in our content.

 

Product categories

New Products update – One mail per day

Enter your email address:

Delivered by FeedBurner

Retail News update – One mail per day

Enter your email address:

Delivered by FeedBurner