Macy’s Inc., deeply impacted by COVID-19 and related charges, reported a first-quarter adjusted loss of $630 million compared to a profit of $137 million in the year-ago quarter.
As previously reported, the company had net sales of $3.02 billion in the first quarter, compared to $5.5 billion in the first quarter of 2019. “The first quarter of 2020 was challenging for the country, the industry and Macy’s Inc.,” said Jeff Gennette, chairman and chief executive officer. “While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year. We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level.
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