Jim Cramer Says Macy's Needs Vaccine More Than Other Retailers
Macy's reported $630 million first-quarter loss Wednesday but said it expects sales to gradually improve over the remainder of the year as coronavirus lockdown orders ease.
The company pre-announced its first-quarter earnings last month, said its adjusted loss came in at $2.03 per share, or $630 million, on sales of $3.01 billion over the three months ending on May 2.
Macy's said it wouldn't provide a near-term profit forecast, but added that it doesn't expect a nation-wide shutdown of its retail operations and noted that all of its stores are now open following coronavirus-triggered closures in the spring.
“The first quarter of 2020 was challenging for the country, the industry, and Macy’s, Inc. While our stores are re-opened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year," said CEO Jeff Gennette. "We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level.”
“We are meeting our customers how and where they are shopping and have enhanced our fulfillment options and health precautions to ensure a safe and welcoming shopping experience,” he added.
Watch the video above to see what Jim Cramer has to say about Macy's.
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