Macy’s is warning that it could lose more than $1 billion during its first fiscal quarter after the coronavirus pandemic paralyzed retail operations nationwide.
Sales, the New York department store said in a preliminary report Thursday, could plummet to around $3 billion, down 45% from the $5.5 billion in sales booked just a year ago.
The company said it would likely swing to a quarterly loss of between $905,000 and $1.1 billion.
