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An indoor shopping mall is seen before having to close due to new restrictions by the State of California during the global outbreak of the coronavirus disease (COVID-19) in Carlsbad, California, U.S., July 14, 2020.
Mike Blake | Reuters
Macy’s said Wednesday its same-store sales tumbled 35.1% during the second quarter, despite a strong showing online.
Its digital sales were up 53% from a year ago, it said, as more shoppers visited its website during the coronavirus pandemic to buy workout clothes and home decor.
“We are encouraged by our second quarter performance; however, we continue to approach the back half of the
year conservatively,” Chief Executive Jeff Gennette said in a statement.
Here’s how the retailer did during its fiscal second quarter compared with what analysts were expecting, based on Refinitiv data:
- Loss per share: 81 cents vs. a loss of $1.77, expected
- Revenue: $3.56 billion vs. $3.48 billion, expected
America’s department stores have been struggling more than other retailers through the coronavirus crisis. A number, including Neiman Marcus and Stage Stores, have filed for bankruptcy in 2020. Increasingly, it seems, these companies aren’t viewed as worth salvaging. Lord & Taylor, after nearly two centuries in business, announced last week it is liquidating its remaining 38 stores. And talks among bidders to rescue J.C. Penney from bankruptcy have hit a stalemate, leaving it up to the companies’ lenders to strike some sort of last-minute deal for survival.
Macy’s stock as of Tuesday’s market close is down more than 58% this year. It has a market cap of $2.2 billion.
Find the full earnings press release from Macy’s here.
This story is developing. Please check back for updates.