Macy’s CEO: We expect another 80 Macy’s stores to open for Memorial Day weekend – Idaho Reporter

Retail

Macy’s CEO: We expect another 80 Macy’s stores to open for Memorial Day weekend

Macy’s, Inc. (NYSE: M) today provided preliminary financial results for Q1 2020. The company expects to provide select and preliminary first quarter 2020 financial results on June 9, 2020 and will release its first quarter earnings results and hold a related call on July 1, 2020.

In a press statement Macy’s CEO, Jeff Gennette, announced that Macy’s, will open more stores in the coming days:”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 are also offering curbside pickup in many of our locations, including some stores that remain closed to the public. With two weeks of results from reopened stores, customer demand is moderately higher than we anticipated. Customers also responded positively to our Mother’s Day gifting strategy. We expect business to recover gradually. I want to thank our teams who are re-setting plans daily, innovating quickly and executing well,”

First quarter results for Macy’s are bad, very bad. According to press release projected operating loss for Q1 2020 is $1,100,000,000.

Shares of Macy’s Inc ( NYSE: M) stock flat-lined since early March and these bad results are probably already counted in the stock price, so I do not expect severe impact following these numbers.

Today at 8:00am ET, Gennette and Paula Price, chief financial officer, will participate in a fireside chat with Matt Boss and you can access webcast of the presentation at www.macysinc.com/investors.

Share your thoughts

Theme by Anders Norén