Macy’s Lost Nearly $4B in the First Quarter
Macy's (NYSE: M) issued first-quarter earnings results on Wednesday that showed mounting pressure on its retail business from the COVID-19 pandemic.
Sales fell by more than half, as the company had warned in previous announcements, but the department store giant also revealed massive impairment charges even as its stores reopened for business. Those charges helped push Macy's to a $3.6 billion loss in the first quarter, compared to $136 million of profit a year ago. "The first quarter of 2020 was challenging for the country, the industry, and Macy's," CEO Jeff Gennette said in a press release.
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Source Fool.com
