Macy's forecasts $1 billion quarterly loss due to lockdowns

(Reuters) – Macy’s Inc (M.N) forecast a quarterly operating loss of up to $1.11 billion on Thursday, as the retailer was forced to shut stores due to lockdowns implemented to curb the spread of the coronavirus.

The department store chain said it expects to post an operating loss of between $905 million and $1.11 billion. It also forecast first-quarter sales in the range of $3 billion to $3.03 billion, down from $5.50 billion a year earlier.

Macy’s had earlier this month said it would report its first-quarter earnings on July 1 as significant business disruptions due to the pandemic had led to delays in preparing its financial statement.

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