Macy’s reports $3.58 billion quarterly loss as COVID-19 hits business

(Reuters) – Macy’s Inc on Wednesday reported a $3.58 billion loss in the coronavirus-hit quarter, mainly due to goodwill and asset impairment charges of $3.1 billion, as its stores remained shut due to COVID-19 lockdowns.

The company in its preliminary results last month had projected a net loss of $652 million.

On a per share basis, the department store chain recorded a net loss of $11.53 in the first quarter ended May 2 compared with a profit of 44 cents, a year earlier.

Net sales fell to $3.02 billion from $5.50 billion.

(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)