Macy's sees some positive signs after reopening more than half of the 800 stores it had closed in March. The iconic department store chain said Tuesday those stores were performing better than expected.
It also said that its digital business has remained strong in those areas where it has re-opened its stores. Macy's CEO Jeff Gennette said the company's inventory is now "clean" and that the retailer is working to get the right goods in place for the holiday shopping season.
Those comments in an otherwise dreary earnings report card lifted Macy's hard-hit shares in early trading Monday.
The news comes one day after it said it had raised $4.5 billion in financing to help it navigate through the fallout of store closures.
While a full economic recovery is expected to take years, retailers like Macy's, Abercrombie & Fitch and American Eagle Outfitters have indicated a recovery in sales fueled by a surge in online orders.
Still, Macy's preliminary quarterly numbers showed it had swung from a profit to an operating loss of nearly $1 billion. And sales plunged more than 40%.
Macy's will report its delayed results in full on July 1.