Macy’s Inc., severely impacted by the coronavirus, reported a loss of $652 million, or $2.10 a share, for the first quarter ended May 2, compared to profits of $137 million, or $0.44 share, in the year-ago quarter.
Net sales amounted to $3.02 billion, versus $5.5 billion in the year-ago quarter.
The adjusted net loss was $630 million, compared to an adjusted net profit of $137 million in the year-ago period. The loss last quarter from operations was $969 million, versus an operating profit of $203 million in the 2019 period.
The $24.6 billion Macy’s Inc., which operates Macy’s, Bloomingdale’s, Blue Mercury and Backstage stores, said the results reported Tuesday are preliminary, but were better than expected. Late Monday, the company reported that it raised $4.5 billion in financing, providing cushioning to navigate through the pandemic.
“The COVID-19 pandemic significantly impacted our first-quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” said Jeff Gennette, chairman and chief executive officer. “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.
“By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment. We are seeing strong sell-through of seasonal merchandise, and anticipate that we will exit the second quarter in a clean inventory position. The holiday season will be crucial, and the team is working now to get the right merchandise and assortment in place.”