The company said on Wednesday its Q1 net loss decreased. Compared with the same period last year, revenues also dropped by 45.2 percent.
The company's net profit for Q1 was -3,581 million dollars, down from 136 million dollars a year earlier. Furthermore, revenues slipped to 3,017 million dollars. Compared to 2 percent a year ago, the profit margin of the company dropped to -119 percent.
Macy's Inc (NYSE: M) is best known for its mid-range chain of department stores Macy's. It also owns upscale Bloomingdale's department stores. The company was founded in 1858 and currently operates 641 retail stores across the United States. Macy’s is headquartered in Cincinnati.
As of 2020, Macy's has more than 130,000 employees and operates over 800 stores.
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