Macy's delays first-quarter results to July 1, citing Covid-19 disruption

Department store chain Macy’s Inc on Thursday delayed its first-quarter earnings report to July 1, citing significant business disruption due to the Covid-19 pandemic, which has also led to delay in financial statement preparation.

Last year, it reported results on May 15 and in 2018 on May 16.

“These are unprecedented times for the country, the retail landscape and Macy’s,” Chief Executive Officer Jeff Gennette said.

Ads

Macy’s, like many retailers, has had to close its stores, furlough employees, suspend dividend and tap into credit facilities to survive the financial hit caused by the lockdowns.

The company said it would release preliminary sales results on May 21, followed by a discussion involving CEO Gennette and J.P. Morgan analyst Matt Boss.

It would report some preliminary first quarter financial results in June.