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Macy's made money for the first time in the pandemic

February 23, 2021. Summarized by summa-bot.

Compression ratio: 61.7%. 1 min read.

Shoppers walk through Macys department store in New York on Black Friday, November 27, 2020. - The coronavirus is clouding "Black Friday" much as it has overshadowed 2020 in general, but some leading experts still expect strong overall sales even as shopping patterns are altered. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)

The pandemic has slammed Macy's and other department stores. But signs of a recovery are beginning to emerge.

New York (CNN Business)The pandemic has slammed Macy's and other department stores.

Macy's said Tuesday that it turned a profit for the first time in the pandemic, making $160 million during the 13 weeks ended Jan. 30, down from $340 million in the same stretch a year ago.

Sales at stores open for at least one year dropped 17. 1% during the period.

Net sales dropped to $6. 8 billion, from $8. 3 billion during the same quarter last year.

Heading into Tuesday, Macy's stock had dropped 5% over the past year.

Department stores JCPenney, Neiman Marcus, Barney's, Century 21 and Lord & Taylor have all filed for bankruptcy during the pandemic.

Meanwhile, the pandemic has lifted big box chains such as Walmart (WMT), Target (TGT), Costco (COST) that stayed open throughout the pandemic, as well as Amazon (AMZN).

Walmart said last week that sales at stores open for at least one year increased 8. 6% in the quarter ended Jan. 29.

Macy's believes this coming year will be better than the last one.

It expects "continued pandemic-related challenges in the spring season," but with "momentum building" in the second half of the year.

"We anticipate annual digital sales to reach $10 billion within the next three years, and that digital will become an even more profitable contributor to our business," CEO Jeff Gennette said.

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