What Happened: Retail giant Macy’s Inc M posted preliminary first-quarter results Tuesday, headlined by a loss of $2.03 per share, better than the $2.33-per-share loss the Street was expecting.

The preliminary sales figure of $3.02 billion beat a $3.01-billion estimate. 

The company has also announced $4.5 billion in emergency funding.

Macy’s showed a 45% year-over-year drop in in sales and a 17% spike in debit as the company worked to survive the pandemic.

The balance sheet also shows how Macy’s worked to cut costs. Sales, general and administrative expenses are down almost $500 million from the $2.1 billion spent in the first quarter of 2019.

Why It Matters: Investors have been anticipating Macy’s recovery: the stock is up 70% in less than a month but is still down 40% year-to-date.

The retail industry has seen a wave of bankruptcy filings, including J C Penney Company Inc (OTCMKTS: JCPNQ). 

What’s Next For Macy's: Macy's Chairman and CEO Jeff Gennette focused on the reopening of 450 Macy's stores and a surge in e-commerce sales in a Tuesday press release. 
Stores are exceeding expectations and Macy’s is offering curbside pick-up, the CEO said.

“We are seeing strong sell-through of seasonal merchandise and anticipate that we will exit the second quarter in a clean inventory position.”

The stock ended Tuesday's sesison down 7.31% at $8.87.