Macy’s released their preliminary sales and earnings results from quarter one of 2020, reporting $3 billion in net sales, compared to $5.5 billion in 2019. The retailer also noted losses in financial results, including operating income, net income and adjusted earnings due to economic impacts amid COVID-19.
“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 Macy’s Chairman and Chief Executive Officer, Jeff Gennette.
By June 1, Macy’s had approximately 450 of their stores reopened, with a majority of those operating in their full format. Although they suffered a hit financially this quarter, Macy’s is already seeing better-than-expected sales and strong performance for the second quarter of 2020.
“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” Gennette said.
Macy’s positive performance correlates with similar indicators we are seeing across our mall portfolio at SREG – consumers are eager to return to physical stores to shop.
Despite federal, state or local social distancing regulations and in-store restrictions – shoppers are patient and more importantly, excited to see (and be part of) the early signs of going back to “normal.”
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers, with fiscal 2019 sales of $24.6 billion. 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.