Macy's Inc warned on Tuesday its business was not likely to return to normal until late next year, even as it saw better-than-expected sales from stores reopening after COVID-19 lockdowns were lifted across the United States.
) warned on Tuesday its business was not likely to return to normal until late next year, even as it saw better-than-expected sales from stores reopening after COVID-19 lockdowns were lifted across the United States.
“We do not see a return to normalized trends until well into 2021 and possibly not until 2022,” interim Chief Financial Officer Felicia Williams said in an interview with Cowen analyst Oliver Chen. The company also expects second-quarter gross profit margins to be worse than the previous quarter, as it offers heavy discounts to clear its spring apparel stock.
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