“Covid-19 has significantly impacted our business,” Macy’s CEO Jeff Gennette said in a statement Thursday. “While the reopening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales.”
Still, the first quarter will be dismal compared to the same quarter a year ago. Macy’s expects sales to fall 45% to $3 billion and it’s expecting a quarterly net loss of $652 million. It raked in a $136 million quarterly net gain for the same time period in 2019.
Macy’s, which also owns Bloomingdale’s and Bluemercury, has around 775 stores in the United States.