NEW YORK – Macy’s is warning that it could lose more than a $1 billion during its first quarter after the coronavirus pandemic paralyzed retail operations nationwide.
Sales, the New York department store said in a preliminary report Thursday, could plummet to around $3 billion, down 45% from the $5.5 billion in sales booked just a year ago.
The company said it would likely swing to a quarterly loss of between $905,000 and $1.1 billion. Macy's had a profit of $203 million in last year's first quarter, which ends on May 2.
Macy's began reopening its stores on May 4 and, as of this week, about 190 Macy’s and Bloomingdale’s stores were open in one form or another.