Lights shine near a closed Macy’s Herald Square as people remain at home to stop the spread of coronavirus on March 29, 2020 in New York City.
Noam Galai | Getty Images
Macy’s said Thursday it expects first-quarter sales to fall by as much as 45%, and it could report a loss of more than $1 billion, as the department store operator shuttered stores amid the Covid-19 crisis.
Its shares were down about 2% in premarket trading on the news.
Macy’s stores were temporarily shut during the coronavirus pandemic on March 18, and are just beginning to reopen across the U.S. in states, including South Carolina and Georgia.
“We expect business to recover gradually,” CEO Jeff Gennette said in a statement, as part of Macy’s releasing the preliminary financial results.
The department store chain is expected to report earnings on July 1.
Macy’s shares as of Wednesday’s market close are down more than 70% this year. The company has a market cap of $1.6 billion.
This is a developing story. Please check back for updates.