Macy’s says reopened stores performing better than expected

(Reuters) – Macy’s Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store operator that reported nearly $1 billion in quarterly operating losses.

Macy’s said its preliminary sales fell to $3.02 billion in the quarter ended May 2, from $5.50 billion, in line with the company’s prior forecast.

The company reported a preliminary adjusted net loss of $630 million in the same period, compared to a profit of $137 million a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Ramakrishnan M.)