'However, we do not see a return to normalized trends until well into 2021 and possibly not until 2022.'
Macy’s stores reopening around the country are down 50 percent at the outset — and that’s OK with chairman and chief executive officer Jeff Gennette considering his expectations were far lower.
On Tuesday morning, a severely COVID-19-impacted Macy’s Inc. reported a loss of $652 million, or $2.10 a share, for the first quarter ended May 2, compared to profits of $137 million, or 44 cents a share, in the year-ago quarter. Net sales amounted to $3.02 billion, a 45 percent decline from $5.5 billion in the year-ago quarter.The adjusted net loss was $630 million, compared to an adjusted net profit of $137 million in the year-ago period.
Adding a large dose of optimism for the multichannel retailer, this week the company closed on $4.5 billion in financing, to fund operations, bring in fresh inventory, cover debt, resolve payables and otherwise enable the department store to weather the pandemic. “When you think about the female consumer in America, she is an inveterate shopper. I don’t think that changes,” said Gennette, during the Cowen conference.While noting the obvious — that wardrobing changes with people working virtually from home versus physically in the office — Gennette emphasized, “The lure of having appropriate fashion for our customer, all the way from mass to off-price to luxury, is still incredibly potent.…I do believe people are going to go back to weddings.
Gennette said the re-commence has become “very important. When you think about this Gen Z customer, and their value structure, and you ask them about DNI [diversity and inclusion] and sustainability, it’s off the charts compared to other generations that came before them. This is not a fad. This is going to stay with us.”
Inventory receipts were down 7.2 percent in the first quarter and will be down again significantly in the second quarter. “We will attain sales to stock parity,” said Williams. “We expect to head into Q3 with clean inventories and just as important with newness for our customers.”
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