As COVID-19 Cases Climb Macy’s CEO Says More Stores May Face Temporary Closures & Threaten Holiday Shopping Season

 

Wikimedia

As coronavirus cases spread across the nation, Macy’s stores could face more temporary closures. Executives says that this will restrict its recovery.

 “COVID-19 is surging again across the country,” CEO Jeff Gennette said on Thursday, on a post-earnings call with analysts. “And that continues to impede our recovery, in international tourism and urban areas. And the supply chains have opened up, yet problems remain.”

 He added that the retailer’s online business grew 27% during the last quarter. It is expected to grow “at a very aggressive rate.” It could expand faster depending on whether states and cities shutter retailers again.

Gennette also said that they were monitoring other communities closely and that they have a strategy to work through additional store closures.

 “We are getting expert at this,” he said. “We are ready to go, no matter what comes our way.” Macy’s reported a same-store sales decline of more than 20% in the third quarter. Macy’s also said that it expected its same-store sales of owned and licensed stores to decline by a low to mid 20% during the fall. However, he remains optimistic about a surge in sales once a vaccine is deployed and the virus abates as people will “want to dress up.”

 Source CNBC


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.