Macy's (NYSE: M) said Thursday that it expects first-quarter sales to be in the range of $3 billion to $3.03 billion, below the analyst consensus estimate of $3.29 billion.
The company said it expects an operating loss of between $905 million to $1.11 billion.
Sales are down about 50% in stores that are open, according to Macy's.
The company began reopening stores May 4 and as of this week, approximately 190 Macy's and Bloomingdale's stores are open in their full formats. The company expects another 80 Macy's stores to open for Memorial Day weekend.
Macy's said it expects to report select and preliminary first-quarter results June 9 and final results July 1.
"This is a challenging time for the country, for retail and for Macy's, Inc. COVID-19 has impacted the lives of many of our colleagues and customers, and health and safety remain our top priority,” CEO Jeff Gennette said in a statement.
“We closed all of our stores - Macy's, Bloomingdale's and Bluemercury - on March 18, which had a significant impact on our first quarter results.”
Macy's shares were down 1.58% at $4.99 in Thursday's premarket session. The stock has a 52-week high of $23.40 and a 52-week low of $4.38.