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Macy’s to Delay First-Quarter Earnings Report Due to COVID-19 Impact

By Rich Duprey – May 8, 2020 at 9:53AM

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It will release various preliminary numbers as the release draws nearer.

Macy's (M -1.07%) normally reports its first-quarter earnings some time around the middle of May, but it just announced it would be delaying the report's release this year until July 1 due to the "significant business disruption" wrought by the COVID-19 pandemic.

The troubled department store retailer will, however, release some quarterly details at various intervals over the next few weeks while also participating in a "fireside chat" with an analyst from J.P. Morgan.

Macy's Herald Square store

Image source: Macy's.

Retail has been set on fire

Macy's has been struggling for a while along with many department store chains, and recently announced it would emerge from the current crisis "a smaller company."

Store closures have been part of Macy's DNA for several years now, but the forced shut down of all stores has pushed some retailers over the edge. J.Crew recently declared bankruptcy and Lord & Taylor is mulling over liquidating its stores. J.C. Penney is on the precipice of bankruptcy too.

Citing "unprecedented times for our company," Macy's chairman and CEO Jeff Gennette said the retailer had taken numerous actions during the pandemic to protect the company's finances, including significantly reducing expenses, furloughing the majority of its employees, and drawing down the entirety of its $1.5 billion credit line.

Gennette will, however, release preliminary first-quarter sales results before the market opens on May 21, after which he will sit down with the J.P. Morgan analyst for that fireside chat.

Then, on June 9, Macy's will release "select and preliminary" first-quarter results before the markets open and Gennette will participate in a virtual conference hosted by Cowen and Company afterwards.

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Stocks Mentioned

Macy's, Inc. Stock Quote
Macy's, Inc.
$15.67 (-1.07%) $0.17
JPMorgan Chase & Co. Stock Quote
JPMorgan Chase & Co.
$104.50 (-1.56%) $-1.66
J. C. Penney Company, Inc. Stock Quote
J. C. Penney Company, Inc.

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