Macy's just revealed that its first quarter won't be quite as dismal as expected
New York Perhaps there's some light at the end of the tunnel for battered retailers: Macy's just revealed that its first quarter won't be quite as dismal as expected.
The department store previously forecast up to a $1.1 billion operating loss in its first quarter. But, as stores reopen -- 450 at last count -- customers are returning in much larger numbers than Macy's had believed possible. Macy's now expects an operating loss of"only" $969 million between February and May, Macy's said in a release Tuesday. The somewhat rosier outlook sent Macy's shares nearly 10% higher in premarket trading.
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