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Macy’s loses 3.192 million in its first fiscal quarter and does not foresee another closure due to the pandemic

The US department store chain Macy’s recorded a negative result of $ 3,581 million (€ 3,192 million) between February and April, the company’s first fiscal quarter, compared to a net profit of $ 136 million (€ 121 million) of the same period of the previous year, as announced by the company, which does not foresee a complete new closure due to the pandemic.

“The first quarter of 2020 was a challenge for the country, the industry, and Macy’s,” said Jeff Gennette, Macy’s president and CEO, who warned that, despite stores reopening, the Covid-19 pandemic it will continue to affect the country for the rest of the year. “We do not anticipate another complete shutdown, but we remain flexible and are prepared to address regrowths at the regional level,” he added.

As a consequence of the pandemic, Macy’s was forced to recalculate the value of its assets, after which it has recorded an adverse impact of 3.1 billion dollars (2.76 billion euros) due to the deterioration of its goodwill and amortization of assets of long duration for another 80 million dollars (71 million euros).

Looking ahead to the rest of the year, the chain reported that almost all of its stores have resumed activity, including stores in the main metropolitan regions, highlighting that they have performed “above expectations” in May and June, while sales The company’s digital media remained strong across all geographies.

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