Macy's says its first-quarter losses might reach $1.1 billion. It's the latest example of a widening gap in retail between big sales of 'essential stores' that remained open versus 'non-essential stores' that had to close.
A man walks past mannequins in the windows of a Macy's store in Boston on April 15. The company said its online sales started growing in April, but they"only partially offset" the losses from its stores.A man walks past mannequins in the windows of a Macy's store in Boston on April 15. The company said its online sales started growing in April, but they"only partially offset" the losses from its stores.
The preliminary earnings report from Macy's echoed the pain felt at many other department stores and retail chains revealed in the first wave of financial disclosures since the pandemic began.
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