Macy’s, Inc. Provides Preliminary First Quarter 2020 Sales and Operating Performance

Macy’s, Inc. (NYSE: M) today provided preliminary sales and operating results ranges for the first quarter of 2020. The company expects to provide select and preliminary first quarter 2020 financial results on June 9, 2020 and will release its first quarter earnings results and hold a related call on July 1, 2020.

Financial Highlights

	Estimated First Quarter 2020			First Quarter 2019
In millions	Low	High
Net sales	$3,000	$3,030		$5,504
Operating Income (Loss) (1)	$(1,110)	$(905)		$203
In millions	Estimated First Quarter 2020			First Quarter 2019
Cash and Cash Equivalents	$1,523			$737
Total Debt	$5,657			$4,721

⁽¹⁾ Operating Income / (Loss) excludes estimated pre-tax non-cash goodwill and long-lived asset impairment charges expected to be recorded for the first quarter of 2020. The company is currently performing impairment assessments for certain of our long-lived asset groups as well as goodwill.

“This is a challenging time for the country, for retail and for Macy’s, Inc. COVID-19 has impacted the lives of many of our colleagues and customers, and health and safety remain our top priority. We closed all of our stores - Macy’s, Bloomingdale’s and Bluemercury - on March 18, which had a significant impact on our first quarter results,” said Jeff Gennette, chairman and chief executive officer. “Looking back, our performance in February was solid and in line with our expectations, but we saw a precipitous decline in sales with the stores closure in March. As a developed omnichannel retailer, we experienced a steady uptick in our digital business in April, which was encouraging, but only partially offset the loss of sales from the stores. The digital performance was driven by strong execution and enhanced fulfillment options, including curbside pickup where allowed.”