Shares of Macy’s Inc. M, -4.36% rallied 1.5% in premarket trading Wednesday, after the department store chain reported fiscal first-quarter results that matched Wall Street expectations, and said nearly all of its stores have reopened, after closing amid the COVID-19 pandemic.
For the quarter to May 2, Macy’s swung to a net loss of $3.58 billion, or $11.53 a share, from net income of $136 million, or 44 cents a share, in the year-ago period. Excluding non-recurring items, such as $3.1 billion in asset impairment charges, the adjusted loss per share was $2.03 versus EPS of 44 cents last year, compared with the FactSet consensus of $2.03. Sales fell 45.2% to $3.02 billion, matching the FactSet consensus. “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,” said Chief Executive Jeff Gennette. “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 said it would not provide a financial outlook. The stock has dropped 59.5% year to date through Tuesday, while the SPDR S&P Retail ETF XRT, +0.42% has lost 6.8% and the S&P 500 SPX, +0.50% has slipped 4.0%.