David Ritchie has been named CEO of Bonnier Corp., it was announced today by Jens Mueffelmann, Executive Chairman of Bonnier Corp. His appointment is effective August 1. Ritchie is succeeding Eric Zinczenko, who will be departing the company. “David’s track record and deep understanding of all facets of the company as former COO and CCO make him the right choice to lead Bonnier Corp. into the future,” Mueffelmann said. “What impressed me working with David in the past couple of months was his true passion for our brands, paired with a strong business acumen and a structured and hands-on approach to execution. These qualities will be critical to us in this pivotal time as we conclude efforts on mergers and acquisitions opportunities for our media properties, transform and restructure operations, and execute a clear go-forward plan for our nonmedia activities. On behalf of the Board of Directors, I wish Eric the very best and thank him for his 14 years of service at Bonnier.
*Diluted loss per share of $(2.10) and Adjusted Diluted loss per share of $(2.03)
*Reopened stores performing better than anticipated
*E-commerce trend improved in May; curbside pickup performing well
*Anticipate exiting Q2 in a clean inventory position
Macy’s, Inc. (NYSE: M) today provided preliminary sales and earnings results for the first quarter of 2020. Macy’s, Inc.’s financial statements for the quarter ended May 2, 2020 are not yet complete; however, certain preliminary estimated financial information is available and is shown in the below financial highlights. These results do not include the non-cash impact of goodwill and long-lived asset impairment charges, which are expected to have a material impact on the company’s reported results. The company will release its first quarter earnings results and hold a related call on July 1, 2020.
“The COVID-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” said Jeff Gennette, chairman and chief executive officer. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong. By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment.”
“We are seeing strong sell-through of seasonal merchandise, and anticipate that we will exit the second quarter in a clean inventory position. The holiday season will be crucial, and the team is working now to get the right merchandise and assortment in place,” continued Gennette.