With nearly all of Macy’s stores currently reopened, the retailer expects a healthy, gradual recovery after Q1. Stores have continued to perform above expectations through May and June with strong sales numbers.
Macy’s, along with hundreds of other retailers, suffered a challenging Q1. The department store retailer had to shut down most of their stores due to COVID-19 which caused them to suffer from a decline in total revenue. Although they will continue to face the repercussions of the pandemic, Chief Executive Officer, Jeff Gennette, remains optimistic for the future of the brand.
“While we continue to see challenges ahead, we’ve taken the necessary actions to stabilize our business and give us financial flexibility. We are confident we have the right strategy and plans in place to navigate the shifting retail landscape,” Gennette said.
Gennette said he does not anticipate another full shutdown. The brand is instead remaining flexible and preparing for the future in order to ensure the safest shopping experience possible.
Source: Macy’s Q1 Results – Press Release 7/1/20
Photo Credit: Macy’s – Media Assets
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About Macy’s, Inc.
Macy’s, Inc. (NYSE:M) is one of the nation’s premier omni-channel fashion retailers. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York. For more information, please visit www.macysinc.com.
