Amid coronavirus store closures, Macy’s market cap has decreased so much it will be removed from the S&P 500. FOX Business’ Lauren Simonetti with more.
The COVID-19 pandemic didn’t hit Macy’s as hard as initially feared, according to updated preliminary first-quarter results released Tuesday morning.
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The Cincinnati-based department store chain lost $652 million, or an adjusted $2.03 a share, in the three months through March as revenue fell 45 percent from a year ago to $3.02 billion. Macy’s last month estimated that it would lose between $905 million and $1.1 billion during the first three months of the year.
“The COVID-19 pandemic significantly impacted our first-quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” CEO Jeff Gennette said in a statement. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong.
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