Macy's stock is jumping after the retailer said reopened stores are doing well
Macy's Inc. M, +8.89% stock skyrocketed 11% in Tuesday premarket trading after the department store retailer guided for first-quarter losses that are ahead of expectations and said re-opened stores are outperforming. Macy's is expecting to post a net loss of $652 million, or $2.10 per share, after net income of $136 million, or 44 cents per share last year. Its adjusted loss per share is expected to be $2.03. The company is guiding for sales of $3.02 billion, down from $5.
"Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong," said Jeff Gennette, Macy's chief executive, in a statement. By June 1, the company reopened 450 stores, and those stores are"performing better than anticipated," Gennette said, with sales moving the company towards a"clean" inventory position.
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