Macy’s loses $ 363 million in its second fiscal quarter

The American chain of department stores Macy’s posted a net loss of 431 million dollars (363 million euros) in its second fiscal quarter, ended in early August, compared to a profit of 86 million (72.5 million euros) that registered in the same period last year, as reported by the company on Wednesday.

In this way, the company has maintained the trend that began in its first fiscal quarter, when it also entered losses compared to the same period of the previous year as a result of the impact of the pandemic on its business.

In the whole of the second fiscal quarter, Macy’s turnover fell by 35.8%, reaching 3,559 million dollars (3,000 million euros).

On the other hand, the cost of products sold was 2,718 million dollars (2,291 million euros), 19.9% ​​less, while general and administrative expenses stood at 1,398 million dollars (1,178 million euros ), 35.8% less.

For the first six months of Macy’s fiscal year, the firm posted net losses of $ 4,012 million (€ 3,382 million), compared to earnings of $ 223 million (€ 188 million) in the same period. from the previous year. Revenues during the period experienced a decrease of more than 40%, to 6,576 million dollars (5,544 million euros).

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