The US department store chain Macy’s is preparing for a loss of billions due to the corona crisis.
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The operating loss in the first business quarter, which closed at the beginning of May, will be between 905 million and 1.1 billion US dollars (820 million to one billion euros), the traditional company said on Thursday. Macy’s operating income was $ 200 million in the year-ago quarter. Sales will decrease from $ 5.5 billion to around $ 3 billion year-on-year in view of the far-reaching closings.
Several US retailers have been hit hard by the corona crisis. The department store chains J.C. Penney and Neiman Marcus, as well as fashion retailer J.Crew, filed for bankruptcy. J.C. Penney plans to give up almost 30 percent of the sites as part of the renovation. The lingerie supplier Victoria’s Secret also announced on Wednesday that it would close around one in four stores in North America; the Nordstrom department store chain plans to close 16 stores.
Macy’s wants to fill these gaps, CEO Jeff Gennette emphasized. Sales of around $ 10 billion would be redistributed by the closings, he said in a conference call with analysts. Macy’s is therefore considering adding some new product categories to department stores that existing competitors may be interested in.
On the NYSE, Macy’s stock rose 6.02 percent to close at $ 5.38.
/ so / DP / jha
NEW YORK (dpa-AFX)
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