Macy's Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.
FILE PHOTO: A shuttered Macy's store and empty parking lot are seen at the closed Palisades Center shopping mall during the coronavirus outbreak in West Nyack, New York, U.S., March 20, 2020. REUTERS/Mike Segar
- Macy’s Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns. The company’s shares rose 12% in premarket trading, a day after Macy’s said it had raised $4.5 billion to navigate through the fallout from the pandemic.
Macy’s, like most other non-essential retailers in the United States, was forced to shut nearly all its 800 stores in March to contain the spread of the coronavirus. While a full economic recovery is expected to be years away, retailers like American Eagle Outfitters Inc (
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