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

REUTERS: Macy's Inc on Wednesday reported a US$3.58 billion loss in the coronavirus-hit quarter, mainly due to goodwill and asset impairment charges of US$3.

1 billion, as its stores remained shut due to COVID-19 lockdowns.AdvertisementOn a per share basis, the department store chain recorded a net loss of US$11.53 in the first quarter ended May 2 compared with a profit of 44 cents, a year earlier.

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