Retailer Macy’s (NYSE: M) posted mixed results for its first quarter of 2020. While the topline missed the market’s estimates, bottom line topped the targets. There were no change in the top and bottom line numbers from the company’s preliminary results announced on June 9. With encouraging sales in May and June, Macy’s expects a gradual sales recovery.
“We do not anticipate another full shutdown, but we are staying flexible and are prepared to address increases in cases on a regional level,” said CEO Jeff Gennette.
Macy’s stock plunged to a 52-week low ($4.38) in early April and had lost nearly 60% of its value so far this year.