Macy’s share price jumps to pre-pandemic levels after 450 stores reopen

Macy’s Inc. surged as much as 17% in early trading after announcing it has reopened 450 stores in some capacity and expects to exit the second quarter with a “clean inventory position.” This shows the U.S. department store chain may be bouncing back faster than expected from the Covid-19 outbreak that upended the retail world this year.

As expected, the company posted a steep revenue decline, with net sales plunging 45% to $3 billion in the quarter ended May 2 amid U.S. lockdown measures that shuttered the company’s stores. Excluding some items, the company’s net loss was $630 million. Key