Macy's Inc. (M) shares slipped 0.6% in Thursday premarket trading after the department store retailer issued a first-quarter sales warning. Macy's expects sales to total $3.00 billion to $3.03 billion, down from $5.50 billion last year and below the $3.60 billion FactSet forecast. The company also expects an operating loss of $905 million to $1.11 billion. Last year, Macy's had an operating income of $203 million. Macy's is scheduled to announce first-quarter earnings on July 1. Macy's, which has a portfolio that also includes Bloomingdale's and the Bluemercury beauty chain, closed its stores on March 18. It expects to reopen most stores by late June. Stores began to reopen on May 4 ( ) where allowed, and 190 total are operating with 80 expected to reopen on Memorial Day weekend. "With two weeks of results from reopened stores, customer demand is moderately higher than we anticipated," said Jeff Gennette, Macy's chief executive, in a statement. Separately, Felicia Williams, Macy's controller, with step in as interim chief financial officer, succeeding Paula Price, whose departure was previously announced. Gennette and Price will speak today at a JPMorgan investor meeting. Macy's stock has plunged more than 70% for the year to date while the S&P 500 index is down 8%.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 21, 2020 07:19 ET (11:19 GMT)
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