Macy’s on Wednesday reported a boost from online sales during its latest quarter, as shoppers stuck at home bought more using the department store’s app and website.
Its shares, which have lost nearly 60% of their value so far this year, shot up on the news.
As malls and stores closed due to lockdowns, Macy's has been focusing on its online business giving shoppers the option to buy online and collect from stores.
Online sales surged 53% for the second quarter but it was not enough to make up for lower foot traffic in its opened stores, Macy’s posted a net loss of $431 million for the quarter.
Looking ahead to the holiday season - the busiest time of the year for retailers, Macy's CEO Jeff Gennette said, "Our immediate priority is successfully executing Holiday 2020."
He added that the company plans to introduce new fashion and expand its digital platform.
This year, holiday shopping will no doubt look vastly different, with retailers rolling out their earliest-ever holiday deals and promotions.