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Macy's Q1 net loss $3.58 billion

Christian Fernsby |
Macy's reported a first quarter net loss of $3.58 billion, compared to net income of $136 million in the prior year quarter.

djusted net loss was $630 million.

Net sales for the quarter decreased of $3.02 billion from %5.50 billion in the same quarter last year.

Looking ahead, the company said it is not currently providing an updated outlook. It had previously withdrawn its 2020 sales and earnings guidance on March 20.

The company noted that nearly all of its stores have now reopened, including stores in the major metropolitan regions. Stores continued to perform ahead of expectations through May and June, and the company's digital business sales remained strong across geographies.