Go on yahoo finance and watch clip. The earlier poster got it right. WE are not coming back from this in anyway close to the familiar s*%t show it was before. Reality check folks. If you are an unprofitable smaller store in the middle of nowhere you may be done. If you are in a big store in Covid land your store will come back later and half a–. With or without you.
What is clear is that a great emergency management team quickly needs to be entrenched to replace the current hot mess at the top. This team needs to develop strategies to navigate all aspects of this mess and COMMUNICATE clearly to both workers, stockholders, local govts. and consumers THE TRUTH ( which could include "WE DON'T KNOW YET" ). Perhaps revenue could be recovered by 4th qtr. It is disgusting that we are left to imaginate to each other what might be or could be.
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Others have said it better but... that magnitude of loss shows that despite store closures and furloughs and layoffs, Macys burn rate is crazy high. And that makes the big honking ship hard to steer and pivot.
@rwp+1541e2ik
Hi Macy's PR!
Kohl’s Corp. reported earnings – and the results were rough. Net sales fell 43.5%, hundreds of stores remain closed and locations that have reopened are seeing half the productivity they usually would. Most tellingly, Kohl’s declined to report same-store sales, perhaps the most closely watched metric in retail.
They are also expecting to have around 7.5 billion liquidity from new funding which will sustain them through December 2021. And by then the recovery should be well underway. There are also several big investors upping their shares.
Online sales have also surpassed 3 billion.
Not to say it’s going to be exactly the same, but It’s easy to harp on the negatives or predict doom when you only have a portion of a single piece of the puzzle.
Current management slate was incompetent and remains clueless. Suddenly in one month most of them will be replaced ...