Macy's just revealed that its first quarter won't be quite as dismal as expected
New York Perhaps there's some light at the end of the tunnel for battered retailers: Macy's just revealed that its first quarter won't be quite as dismal as expected.
The department store previously forecast up to a $1.1 billion operating loss in its first quarter. But, as stores reopen -- 450 at last count -- customers are returning in much larger numbers than Macy's had believed possible. Macy's now expects an operating loss of"only" $969 million between February and May, Macy's said in a release Tuesday. The somewhat rosier outlook sent Macy's shares nearly 10% higher in premarket trading.
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Macy's says reopened stores performing better than expectedMacy'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.
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Macy's raises $4.5 billion to shore up funds as stores reopen, shares surgeMacy's Inc said on Monday it raised a total of $4.5 billion, including $3.15 billion in new borrowings against its real estate assets, as the department store chain tries to navigate through the fallout from the COVID-19 pandemic.
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Macy's stock skyrockets after better-than-expected store re-openingsMacy's Inc. undefined stock skyrocketed 11% in Tuesday premarket trading after the department store retailer guided for first-quarter losses that are ahead...
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California to allow movie theaters to reopen in most countiesCalifornia counties that have been allowed to accelerate their reopening of their economy could decide to reopen movie theaters as early as Friday, according to new state guidelines released Monday.
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Retailers say stores away from malls are better for future - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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