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Macy’s Q1 loss could exceed $1 billion

Reuters 05/21/2020

Macy’s has plans to have 80 stores open again by Friday to welcome Memorial Day weekend shoppers, but the country’s largest department store chain took a major hit from its imposed shutdown. Macy’s warned that its operating loss for the first quarter may be between $905 million and $1.11 billion. CEO Jeff Gennette said that despite help from online sales and curbside pickup at some locations, apparel sales have been weak and the company’s inventory write-downs totaled about $300 million at the end of the first quarter.

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