Macy's surges 9% after its 450 reopened stores perform 'better than anticipated'
- Macy's surged 9% on Tuesday after the company reported its 450 reopened stores are performing "better than anticipated."
- The company released preliminary earnings for its fiscal first quarter earnings, which detailed the economic damage Macy's experienced caused by the coronavirus pandemic.
- The company also announced that it raised $4.5 billion in new financing, which it will use to repay existing debt and help fund its business.
- Visit Business Insider's homepage for more stories.
Macy's surged 9% on Monday after the retailer reported that its 450 reopened stores are performing "better than anticipated."
The company released preliminary earnings for its fiscal first quarter earnings, which detailed the economic damage it experienced caused by the coronavirus pandemic.
Here are the key numbers:
Revenue: $3.02 billion, versus the $3.01 billion estimate
Adjusted loss per share: -$2.03, versus the -$2.33 estimate
Net loss: -$652 million, versus a profit of $136 million in first quarter 2019
Macy's said it's seeing positive feedback from its curbside pick-up program, and has seen e-commerce trends improve in May.
The company had by June 1 reopened approximately 450 stores, which benefited from a consumer eager to spend after being sheltered in place for more than two months.
Additionally, Macy's announced on Monday that it raised $4.5 billion in new financing. The proceeds will be used to repay certain debts, and will give the company enough liquidity to address the needs of the business, Macy's expects.
Macy's jumped as much as 9% to $10.46 in Tuesday morning trades. The stock is up more than 130% from its coronavirus lows reached in late March. Year-to-date, Macy's is still down more than 40%.
