Macy’s reported in the Q1 earnings call today that sales were down 45% for the 13-week period ending May 2. COVID-19 had a significant impact on the business with most stores closed from March 18th through May 4th. Most stores have reopened in June and the remaining of the furloughed employees will return to work by July 5. Jeff Gennette, chairman and CEO of Macy’s, stated “The current revenue trend beginning Q2 is better than expected and tracking at 35% down from last year.” As of today, only six stores remain closed. Digital sales are strong and showing double-digit growth, representing 43% of total sales.
