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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.
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Why Macy's (M) Stock is Rallying Today
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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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.
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