Macy’s Inc reported a staggering $3.58 billion loss with Coronavirus-hit first quarter of the current financial year as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. Net sales for the first quarter nearly halved to $3.02 billion.
On a per-share basis, it reported a net loss of $11.53 in the first quarter ended May 2 compared with a profit of 44 cents a year earlier. Excluding one-time items, the company lost $2.03 per share, meeting expectations, according to IBES data from Refinitiv.
The company had raised $4.5 billion last month including a $3.15 billion asset-based loan to keep its business running as stores reopened. As of May 2, it had $1.52 billion in cash and cash equivalents, and $18.58 billion in total liabilities and shareholders' equity.
