Macy’s, Inc. reported results for the first quarter of 2020. As previously reported, the company had net sales of $3.017 billion. Nearly all of the company's stores have now reopened, including stores in the major metropolitan regions. Stores continued to perform ahead of expectations through May and June, and the company's digital business sales remained strong across geographies. The company continues to expect a gradual sales recovery. Primarily as a result of the COVID-19 pandemic, the company’s long-term projections and market capitalization changed, requiring interim impairment assessments for its goodwill and long-lived assets. As a result of these assessments, the company recognized pre-tax, non-cash goodwill and long-lived asset impairment charges of $3.1 billion and $80 million, respectively, during the 13 weeks ended May 2, 2020. The company is now reporting a Diluted loss per share of $11.53 and Adjusted Diluted loss per share of $2.03.
With sales up in all categories, unit sales of print books rose 9.5% in the week ended Oct. 31, 2020, over the comparable week in 2019, at outlets that report to NPD BookScan. The top-selling book was The Deep End (Diary of a Wimpy Kid #15) by Jeff Kinney, which sold more than 171,000 copies and helped to drive up sales in the juvenile fiction category by 15.5%. A second new release that landed high on the category list was Jimmy Fallon’s 5 More Sleeps ’til Christmas, which sold more than 21,000 copies. For most categories, sales increases over the week ended Nov. 2, 2019, weren’t driven by hot new bestsellers but by solid sales overall. The #1 title in the juvenile nonfiction category, for example, was Big Preschool Workbook, which sold a modest 7,200 copes. The YA fiction category, which had a 25.7% increase, was once again led by Stephenie Meyer’s Midnight Sun, which sold more than 17,000 copies.
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