Macy's Inc said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus.
The Trump Administration's coronavirus relief payment provided a fillip to sales of major retailers in April as millions of Americans used the money to buy everything from video games to sewing machines even as the country struggles with record job losses.
A surge in Target Corp's online sales due to panic buying during the coronavirus crisis helped the big-box retailer post better-than-expected quarterly results on Wednesday, even as it grappled with soaring operational costs. | Video
Walmart Inc emerged among the winners of the coronavirus lockdowns, beating Wall Street's quarterly revenue and profit forecasts and setting an online sales record as millions of consumers stocked up on food and cleaning supplies. | Video
Target Corp said on Thursday rising costs from trying to meet the fast-changing needs of consumers during the coronavirus crisis were set to hurt its first-quarter profit and margins, even as it recorded robust online sales during March and April. | Video
Walmart Inc said on Tuesday it would start taking the temperature of employees and provide them with masks as it addresses growing safety concerns among retail workers laboring through the coronavirus crisis. | Video
Major U.S. retailers Macy's Inc , Kohl's Corp and Gap Inc said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer to curb the spread of the coronavirus outbreak. | Video