Macy’s (M) sees Q1 loss of up to $1.1 billion


Lights shine near a closed Macy’s Herald Square as people remain at home to stop the spread of coronavirus on March 29, 2020 in New York City.

Noam Galai | Getty Images

Macy’s said Thursday it expects first-quarter sales to fall by as much as 45%, and it could report a loss of more than $1 billion, as the department store operator was forced to shut stores amid the Covid-19 crisis

Its shares were recently falling about 1% in premarket trading on the news. 

The company also said in an investor presentation, walking through its first-quarter forecast, that it expects to have “sufficient liquidity” to execute on its 2020 priorities. 

Macy’s is expected to report fiscal first-quarter…

Source cnbc.com

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