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Macy’s Slides Amid Worries on Continued Pandemic Headwinds

  • Second half of 2021 will be better than the first, chain says
  • Department-store sector has been on the upswing since holiday
Updated on

Macy’s Inc. fell as much as 10% after it predicted this will be a “recovery and rebuilding year” for the department-store chain following a difficult 2020, reinstating guidance after withdrawing it last March.

It now sees net sales of between $19.75 billion and $20.75 billion this year, compared with an average estimate of $20.1 billion. That would mark an increase of between 14% and 20% from 2020 levels -- but it’s still well below the $23.6 billion to $23.9 billion range it had been forecasting for 2020 before the virus hit.