Macy’s inc reports net loss of $3.58 billion in first quarter

On Wednesday, in a statement Macy’s Inc reported a $3.58 billion loss stemming from the lockdowns induced by the coronavirus which emerged from Wuhan, China. Losses in the coronavirus-hit quarter are mainly in the goodwill and asset impairment charges of $3.1 billion.

Last month, the company had forecast its preliminary results with a net loss of $652 million.

On a per share basis, the department store chain recorded a net loss of $11.53 in the first quarter ended May 2 compared with a profit of 44 cents, a year earlier.

Macy’s net sales fell to $3.02 billion from $5.50 billion.

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