May 7, 2020 / 9:10 PM / 24 days ago

Macy's delays first-quarter results to July 1, citing COVID-19 disruption

FILE PHOTO: A security guard rides past a closed Macy's department store at The Galleria shopping mall after the mall opened during the coronavirus disease (COVID-19) pandemic in Houston Texas, U.S., May 1, 2020. REUTERS/Adrees Latif

(Reuters) - Department store chain Macy’s Inc (M.N) on Thursday delayed its first-quarter earnings report to July 1, citing significant business disruption due to the COVID-19 pandemic, which has also led to delay in financial statement preparation.

Last year, it reported bit.ly/3b8jcEk results on May 15 and in 2018 on May 16.

“These are unprecedented times for the country, the retail landscape and Macy’s,” Chief Executive Officer Jeff Gennette said.

Macy’s, like many retailers, has had to close its stores, furlough employees, suspend dividend and tap into credit facilities to survive the financial hit caused by the lockdowns.

The company said it would release preliminary sales results on May 21, followed by a discussion involving CEO Gennette and J.P. Morgan analyst Matt Boss.

It would report some preliminary first quarter financial results in June.

Reporting by Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur

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