The expected plunge in earnings at apparel retailers will be confirmed as companies begin releasing financial results for the fiscal period that includes late March through May – the time when most retailers were forced to keep stores closed.
Here’s a round up of what’s happening:
- Macy’s forecasts a $905 to $1.1 billion operating loss for Q1. Sales are forecast at $3 billion, down 45% from $5.5 billion last year.
- L Brands sales fell 37% in Q1 to $1.65 billion. It reported a net loss of $296.9 million, or $1.07 per share, compared with a profit of $40.3 million. This is its third straight quarterly loss and fourth consecutive drop in sales.
- Boot Barn reported that same-store sales decreased 4.7% for the quarter ended March 28, 2020. Sales for the quarter were $188.6 million, down 2.1% year-on-year. Net income was $5.7 million, from $8.7 million a year ago.
- Shoe Carnival reported that same-store sales for the quarter ended May 2, 2020 fell 42% year-on-year. Net sale were $ $147.5 million, down 42% from a year-ago. The company reported a loss of $16 million, compared to a profit of $14 million year-on-year. No employees were furloughed.
