Shares of department store giant Macy’s (M - Free Report) saw a nice gain on Thursday, closing up 5.5%.
The company reported preliminary first quarter results. It expects to report an operating loss between $905 million and $1.1 billion andnet sales in the range of $3 billion and $3.03 billion. Analysts are forecasting a loss of 98 cents per share and sales of $3.6 billion.
All of Macy’s stores, including Bloomingdale’s and Bluemercury, temporarily shuttered on March 18. The company is currently working on reopening its stores. 190 Macy’s and Bloomingdale’s stores are now fully operational, and 80 more will be open for Memorial Day weekend.
CEO Jeff Gennette said that its digital business saw a “steady uptick” in April, and customer demand over the past two weeks has been “moderately higher than we anticipated.” He also noted that Macy’s performance in February was solid before the pandemic hit.
Macy’s will release its full Q1 results on July 1.
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Shares of department store giant Macy’s (M - Free Report) saw a nice gain on Thursday, closing up 5.5%.
The company reported preliminary first quarter results. It expects to report an operating loss between $905 million and $1.1 billion andnet sales in the range of $3 billion and $3.03 billion. Analysts are forecasting a loss of 98 cents per share and sales of $3.6 billion.
All of Macy’s stores, including Bloomingdale’s and Bluemercury, temporarily shuttered on March 18. The company is currently working on reopening its stores. 190 Macy’s and Bloomingdale’s stores are now fully operational, and 80 more will be open for Memorial Day weekend.
CEO Jeff Gennette said that its digital business saw a “steady uptick” in April, and customer demand over the past two weeks has been “moderately higher than we anticipated.” He also noted that Macy’s performance in February was solid before the pandemic hit.
Macy’s will release its full Q1 results on July 1.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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