Macy’s Q1 2020 Sales Drop 45% Causing $630 Million Loss

Jeff Gennette, CEO of Macy’s was very sanguine about the company’s outlook for 2020. As I write this, all but 6 of the 556 Macy’s and 34 Bloomingdale’s stores have reopened. All of the first quarter and part of the second were severely affected by the closing of all stores due to the coronavirus COVID-19 pandemic. However, once stores reopened, sales have been above expectations. Macy’s realistically looks at the current resurgence of the coronavirus as potentially setting up the need to again close stores in some regional areas. However, management does not anticipate another full shutdown. The company will be flexible and is prepared to address this if there is an increase in cases. The New York Herald Square flagship store has reopened with limited entry and exits and a strict rule that everyone wears a mask who shops or works in the store. Read more at Forbes.