Macy’s says sales could be down by as much as 45% due to temporary store closures, and the overall coronavirus-induced downturn to the economy.
Macy’s has released the preliminary financial results for its fiscal Q1, and its forecast shows just how badly the iconic department store chain has been hit by the coronavirus crisis, reports CNBC. The company said it expects a first-quarter operating loss of between $905 million and $1.1 billion. That’s compared to $203 million in net income for the same quarter a year ago.
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