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Business

Macy's estimates first quarter loss to reach 1.1 billion dollars

By Prachi Singh

21 May 2020

In a preliminary report, Macy’s, Inc. said estimated first quarter net sales may range between 3,000 to 3,030 million dollars compared to 5,504 million dollars in the same quarter last year, while the company estimates reporting operating loss in the range of 905 million dollars to 1,110 million dollars.

“This is a challenging time for the country, for retail and for Macy’s, Inc. Covid-19 has impacted the lives of many of our colleagues and customers. We closed all of our stores - Macy’s, Bloomingdale’s and Bluemercury - on March 18, which had a significant impact on our first quarter results,” said Jeff Gennette, the company’s Chairman and CEO in a statement, adding, “We began reopening our stores on May 4 and, as of this week, have approximately 190 Macy’s and Bloomingdale’s stores open in their full formats. We expect another 80 Macy’s stores to open for Memorial Day weekend. We notified our banking partners early on of our plans to access additional financing, and this process is on track.”

As previously announced, the company added, Paula Price has made the decision to leave the company as of May 31, 2020 but she will remain an advisor to the company through November 2020. Upon Price’s departure, Felicia Williams, a seasoned Macy’s, Inc. veteran who currently serves as senior vice president, controller and enterprise risk officer, will become Interim Chief Financial Officer, until a permanent replacement has been named. Williams has served in her current role since 2016. Previously, Williams was a vice president, responsible for enterprise risk and internal audit. Williams has been with Macy’s, Inc. since 2004 and has held various leadership positions across financial services, accounting and risk management. Prior to joining Macy’s, Inc., Williams held various roles at The Coca-Cola Company and Bristol-Myers Squibb. She is a Certified Public Accountant.

Picture:Macy's media gallery