Tue, Nov. 29, 9:20 AM
- The latest read from Redbook on retail store sales indicates that sales are up 1.2% Y/Y through the first 26 days of the month. Redbook expects a 1.4% gain for the month.
- Department stores reported strength in gift merchandise, including small appliances, accessories and cold weather apparel. The level of discounting in the sector will have a large impact on how Q4 earnings play out.
- Related stocks: DDS, M, SSI, BONT, SHLD, JCP, KSS, JWN.
- Previously: Redbook Chain Store Sales: +2.2% (Nov. 29)
Fri, Nov. 25, 9:58 AM
- Macy's (M -0.8%) CEO Terry Lundgren says he isn't so sure J.C. Penney has a Black Friday edge over his company.
- Lundgren gave a CEO-on-the-street account to TheStreet.
- "I got to the opening at Herald Square in New York City at 5 p.m. on Thanksgiving. It looked as strong as I have ever seen it at anytime. We estimate there were over 16,000 people waiting outside our store yesterday and they were ready to shop. Right now, I am here at Herald Square and it looks plenty full. We are encouraged by the opening."
- Last year, Macy's was reported to have 15K shoppers at the flagship location.
- Reports from some Macy's stores located at malls across the U.S. weren't quite as positive. A Piper Jaffray channel check also tipped high levels of apparel inventory at some Macy's stores.
Mon, Nov. 14, 10:33 AM
- Department store stocks are rallying right along with other mall names on a boost in confidence from investors and analysts that consumer spending will perk up and GOP tax policy will help lift profits across the sector.
- Sears Holdings (SHLD +4.3%), J.C. Penney (JCP +3.8%), Kohl's (KSS +5.1%), Bon-Ton Stores (BONT +6.7%), Nordstrom (JWN +5.7%) and Dillard's (DDS +4.8%) are all solidly higher.
- An interesting case is Macy's (M +5.2%) which drew the ire and Twitter hostility from Donald Trump during the primaries. Shares of Macy's are up 18% since the election as investors assume that the Trump-Macy's feud is a non-factor.
- Previously: Vibrant rally for clothing and footwear stocks (Nov. 14)
- Previously: Investors see upside with apparel store stocks (Nov. 14)
Thu, Nov. 10, 8:12 AM
- Full-year comparable sales are now expected to be down just 2.5-3% vs. previous guidance of down 3-4%. Full-year EPS guidance remains at $3.15-$3.40.
- Macy's (NYSE:M) is teaming with Brookfield Asset Management (NYSE:BAM) on a "pre-development plan" for about 50 Macy's real estate assets, with an option for Macy's to identify and add properties into the partnership.
- Conference call at 10 ET
- Shares -0.5% premarket
- Previously: Macy's misses by $0.24, misses on revenue (Nov. 10)
Thu, Nov. 10, 8:03 AM
Wed, Nov. 9, 5:30 PM
Tue, Nov. 1, 1:56 PM
- Stifel Nicolaus analyst Richard Jaffe keeps a Hold rating on Macy's (M +0.6%) after factoring in the company's sale of five properties to General Growth Properties.
- The company will realize a gain of $32M from the store deals, which were all completed earlier this year.
- Macy's is expected to pull off more real estate deals this year.
- Stifel has a price target of $38 on Macy's.
- Previously: General Growth buys five Macy's boxes for $48M (Oct. 31)
Mon, Oct. 31, 11:20 AM
- Starboard Value is getting downright antsy about its investment in Macy's (M +2.6%) after watching shares languish since the middle part of 2015.
- "We are not big fans of wait and see. There is value there. How and when it gets unlocked is still open," said Starboard CEO Smith.
- The hedge fund is a long-time proponent of Macy's spinning off its real estate into a REIT.
- Earlier today, Deutsche Bank moved to a Buy rating on Macy's.
- Previously: Macy's on the move after Deutsche Bank upgrade (Oct. 31)
- Bloomberg TV interview
Mon, Oct. 31, 9:14 AM
- Deutsche Bank upgrades Macy's (NYSE:M) to a Buy rating after having the department store operator set at Neutral.
- The investment firm thinks margins could be higher at Macy's before the end of 2017 after management initiatives take hold.
- Earlier today, DB cooled off on Nordstrom after that stock's strong run.
- M +1.80% premarket to $36.20 vs. a 52-week trading range of $29.94 to $52.48.
Fri, Oct. 28, 10:23 AM
Mon, Oct. 17, 9:27 AM
- Macy's (NYSE:M) will open its doors on Thanksgiving at 5:00 p.m, according to BestBlackFriday.com. The holiday opening time is an hour earlier than last year.
- There's been a bit of a reversal this year of the chain store trend to be open on Thanksgiving, with several major retailers already announcing all-day closures.
- Macy's is expected to make an official announcement on its Thanksgiving plans later this month.
Fri, Oct. 14, 9:05 AM
- Retail sales increased 2.7% Y/Y and 0.6% M/M in September on broad gains across categories. The sales totals for August were also nudged slightly higher.
- Sales from nonstore retailers like Amazon (NASDAQ:AMZN) were up 10.6% Y/Y to once again account for a higher percentage of overall sales.
- The building material & garden equipment category showed a 1.4% M/M and 5.6% Y/Y gain which bodes well for Home Depot (NYSE:HD) and Lowe's (NYSE:LOW).
- Department stores (DDS, SHLD, JCP, M, JWN) lagged again as sales fell 0.7% M/M and 6.4% Y/Y, while furniture and home furnishing stores (HVT, WSM, KIRK, RH, BBBY) outpaced the broad averages in the sector.
- Restaurant sales (NASDAQ:BITE) showed a nice jump from August, although the breakdown between large publicly-traded chains and independent restaurants isn't broken down.
- The early take from retail analysts is that the overall tone from the report is ever-so-slightly positive for Wal-Mart (NYSE:WMT) and Target (NYSE:TGT).
- Previously: Retail sales track higher as expected (Oct. 14)
Wed, Sep. 28, 7:21 AM
- Credit Suisse downgrades Macy's (NYSE:M) to a Neutral rating after having the department stock slotted at Outperform. The ratings cut factors in the operations and merchandising directives unveiled recently by Macy's management.
- "Macy's is now in an execution phase in the eyes of the Markets. Historically, the stock has marked time as execution versus strategy takes center stage for investors," advises analyst Michael Exstein.
- CS lowers its price target on Macy's to $40.00.
Sun, Sep. 25, 7:55 AM
- A 24-hour hunt for the man suspected of killing five people at a Macy's (NYSE:M) department store in Burlington, WA came to an end Saturday night when he was found walking down a street in his home city.
- Police arrested 20-year-old Arcan Cetin - an immigrant from Turkey - in Oak Harbor, about 30 miles from where the shootings took place.
- When asked about terrorism as a possible motive, Lt. Chris Cammock said: "I am not going to rule out anything at this point."
Tue, Sep. 20, 10:03 AM
- Macy’s (M) says it will hire approximately 83K positions at its Macy’s and Bloomingdale’s stores, call centers, distribution centers, and online fulfillment centers for the holiday season. 15K positions will support Macy's omnichannel strategy.
- The company’s planned hiring tally is level with last year's mark.
- Macy's will run it first national holiday hiring day on September 30 to prepare for the holiday blitz.
- Source: Press Release
Thu, Sep. 15, 1:59 PM
- A new report from Moody's makes the argument that brick-and-mortar retailers such as Wal-Mart (WMT +1.2%) and Best Buy (BBY +0.1%) are thriving due to their sheer physical size. The ratings agency doesn't believe mass store closing are in the future, but sees a continuing trend toward "repurposing" of the store fleets to evolve to the multi-channel world.
- The pitch runs counter to the calls from some analysts for a mass reduction in square footage by major chains.
- Moody's on WMT: "Walmart's recent acquisition of Jet.com, while not a threat to Amazon's position, provides Walmart a speed advantage in boosting online growth by leveraging Jet's ready-made platform."
- Moody's on BBY:" Best Buy is an example of a retailer that continues to successfully transition online, with penetration approaching 20% of total sales."
- The interesting take from Moody's is probably relevant to other larger retail chains such as Staples (SPLS +1.8%), Target (TGT +0.8%), Walgreen Boots Alliance (WBA +0.3%), L Brands (LB +0.6%), Macy's (M +1%), and TJX Companies (TJX +0.8%) as well.
- Moody's press release