Macy's M reported a first-quarter loss of $2.03 per share on Wednesday, which beat the analyst consensus estimate of $2.57 by 21.01%. This is a 561.36% decrease over earnings of 44 cents per share from the same period last year.
The company reported quarterly sales of $3.02 billion, which missed the analyst consensus estimate of $3.68 billion by 18.02%. This is a 45.19% decrease over sales of $5.5 billion the same period last year.
"While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” CEO Jeff Gennette said in a statement.
“We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level.”
Macy's shares were down 1.89% at $6.75 in Wednesday’s premarket session. The stock has a 52-week high of $23.40 and a 52-week low of $4.38.
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