Macy's Delays First-Quarter Release to July 1, Stock Climbs Anyway

Macy's delays the release of its first-quarter results to July 1 due to disruptions caused by the coronavirus pandemic.
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Macy's  (M) - Get Report was higher Friday after the retailer announced that it was delaying the release of its first-quarter results to July 1 due to disruptions caused by the coronavirus pandemic. 

Macy's released its results last year on May 15.

"These are unprecedented times for the country, the retail landscape and Macy's, Inc. To date, we’ve taken a number of successful actions to protect and improve our financial flexibility, including significantly reducing expenses, furloughing the majority of our colleagues and drawing down our $1.5B credit facility," said CEO Jeff Gennette

The company plans to release preliminary results on May 21 with a "fireside chat" featuring Gennette and other executives speaking with J.P. Morgan senior research analyst Matt Boss. 

On June 9, Macy's will release "select and preliminary first quarter financial results pre-market." And later that day, Gennette will participate in a Cowen virtual panel titled 'The New Retail Ecosystem.'

"Taken together, these actions allowed us the time and flexibility to make the right financing decisions for the company. This process is underway, and we are confident that new financing will be in place before we need it, allowing us to extend our financial flexibility over both the short- and long-term," Gennette said. 

It was reported in April that Macy's was seeking up to $5 billion in debt as the company reels from the business disruption caused by the pandemic. 

Macy's is expected to report a loss of $1.22 a share in the quarter on revenue of $3.29 billion. 

Macy's shares rose 2.56% to $5.20 in premarket trading Friday.