Macy's, which shuttered its stores nationwide March 18 because of the coronavirus pandemic, expects to reopen 80 stores for Memorial Day weekend shopping.
The reopenings come as Macy's chairman and CEO Jeff Gennette said the company is forecasting a loss of up to $1.1 billion for the quarter. He discussed the company's preliminary sales for the first quarter of its 2020 fiscal year, which ended May 2, during an analyst call Thursday.
Macy's, which plans to to release first quarter earnings results July 1, began reopening stores on May 4 and as of this week has opened 190 Macy's and Bloomingdale's stores, About 80% of the store fleet will either be open or offering curbside pickup by Friday and most stores will be reopened by late June, Gennette said. Macy's Inc., which includes Bloomingdale's and Bluemercury, had 775 total locations, which included 551 Macy's stores, as of February.
“We will continue to watch customer behavior closely as we reopen more stores, and we will remain agile and adjust our plans as we go forward and open up the remaining series of stores,” Gennette said, noting customer demand has been"moderately higher than we anticipated."
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