In the first quarter, Macy’s posted a big loss, but the company said recovery from COVID-19 pandemic-related shutdowns has been strong.
Coronavirus-related circumstances and the capabilities the company has developed to serve customers in new ways contributed to big gains The Kroger Co. made in the first quarter, the company asserted.
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic started reopening, the National Retail Federation noted in a review of United States Census Bureau figures, but they remained well below spending levels seen in the month a year ago.
Macy’s has secured new financing to shore up its business, while revealing that its preliminary sales and earnings results for the first quarter included a loss and lower sales, although it said e-commerce and reopened stores are performing well.
As it coped with the effects of the COVID-19 pandemic, Costco missed a Wall Street earnings per share estimate for the third quarter but posted positive comparable store sales and a big increase in e-commerce comps.
Ross Stores reported a sales decline and a net loss in its fiscal 2020 first quarter. Both sales and earnings reflect the closure of all Ross Dress for Less and DD’s Discounts locations starting on March 20 through the quarter end due to the ongoing spread of COVID-19 throughout the U.S.