---
title: "Macy's reports first-quarter loss, says does not expect 'another full shutdown'"
description: "Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month ... Loss per share: $2.03, adjusted  R"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/17378280.md"
published_at: "2020-07-01T11:26:20.000Z"
---

# Macy's reports first-quarter loss, says does not expect 'another full shutdown'

> Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month ... Loss per share: $2.03, adjusted  Revenue: $3.02 billion  Macy's reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year ago ... Analysts have been calling for Macy's to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data.

Macy's at Valencia Town Center Mall opens for curbside pickup service during COVID-19 outbreak on May 21, 2020 in Santa Clarita, California.

Robin L Marshall | Getty Images

Macy's on Wednesday reported a first-quarter loss, in line with the retailer's previously announced estimates, as its business took a hit from the coronavirus pandemic.

Chief Executive Jeff Gennette said in a statement that nearly all of the company's stores have since reopened and are performing ahead of expectations this month. He added that the department store chain continues to expect a "gradual sales recovery." 

"We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level," he said. 

Macy's shares rose less than 1% in premarket trading. 

Here's how the company did during its fiscal first quarter endi'ed May 2: 

-   Loss per share: $2.03, adjusted 
-   Revenue: $3.02 billion 

Macy's reported a net loss of $3.58 billion, or $11.53 per share, compared with net income of $136 million, or 44 cents a share, a year ago. Excluding one-time charges, it lost $2.03 per share. 

Revenue declined to $3.03 billion from $5.50 billion a year ago. 

Analysts have been calling for Macy's to report a loss of $2.03 per share on revenue of $3.01 billion, according to Refinitiv data. 

Macy's had previously on May 21 pre-announced its first-quarter earnings. 

Macy's is not offering a 2020 outlook at this time. 

Macy's shares as of Tuesday's market close had fallen nearly 60% this year. The company has a market cap of $2.1 billion. 

Here is the full press release from Macy's.

VIDEO2:2902:29

How shrinking American mall will impact local tax revenue

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