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
Wed, Sep. 14, 8:34 AM
- Citi upgrades Macy's (NYSE:M) to Buy from Neutral in a timely upgrade on the department store stock.
- The Citi team points to Macy's ample free cash flow and attractive dividend yield in making its bullish call.
- "We believe the stock has support that makes the risk reward attractive at current levels, particularly considering the opportunity to improve the business in 2H16/1Q17 relative to 2H15/1Q16," reads the Citi note.
- Citi's price target of $44 on Macy's implies 27% upside potential. Shares of Macy's haven't traded over $45 this year.
- Wall Street ratings scorecard on Macy's: 7 Buys, 16 Holds, 2 Sells.
Fri, Sep. 9, 11:17 AM
- Macy's (M -0.1%) is considering expanding its partnership with Starbucks (SBUX -0.8%).
- Speaking at the Goldman Sachs Global Annual Retail Conference, CEO-in-waiting Jeff Gennette said the company is interested in "scaling" its business with Starbucks. He also didn't dismiss the idea of opening restaurants in stores as a way to attract traffic.
- There are currently Starbucks setups at 49 Macy's stores.
- Webcast of Macy's conference presentation
Sat, Aug. 27, 11:34 AM
- Many retailers are tightening up this year by reducing their store count or converting more locations to e-commerce fulfillment centers. Analysts note that although the strategy will lower revenue, over time the group should see improved bottom lines as underperforming stores are cut back and online efficiency improves. Amid the skittish trading with chain store stocks there could be some value deals.
- Store chains that currently trade with a PE ratio below 15 and offer a dividend yield of at least 2% include: TLRD, BKE, SMRT, GPS, AEO, CHS, CATO, TGT, KSS, M, HVT, WSM, PIR, BKS, OUTR, ODP, SPLS.
- ETFs: XLY, XRT, VCR, RTH, RETL, FXD, IYC, FDIS, SCC, RCD, UCC, PMR, JHMC, CNDF.
Fri, Aug. 26, 10:50 AM
Thu, Aug. 18, 1:26 PM
Thu, Aug. 11, 12:48 PM
Thu, Aug. 11, 11:21 AM
- Macy's (M +15.5%) CEO Terry Lundgren delivered some very direct analysis on the overcapacity of physical department stores in the U.S. during his round of media appearances today following the company's store-closing announcement.
- "In the U.S. there's 7.3 square feet per human being of retail space. That's just ridiculous when you consider in U.K. it's 1.3 in France it's 1.7 in Japan its 1.7." noted Lundgren.
- "We have 5.5 times the number of retail physical locations in America per capita than any country in the world and so there has to be a rationalization," he added.
- Another obvious point from the exec was the bottom line benefit of removing the most unprofitable stores from the base.
- Earlier today, Bloomberg Gadlfy posted a very revealing bar graph showing how many stores would need to be closed for certain retailers to achieve their sales per square foot level of 2006 (h/t Shelly Banjo). Shareholders of Bon-Ton Stores (BONT +1.7%), Dillard's (DDS +6.1%), Nordstrom (JWN +6.6%), J.C. Penney (JCP +6.8%), and Sears Holdings (SHLD +2.9%) may want to sneak a peek.
Thu, Aug. 11, 9:15 AM
Thu, Aug. 11, 8:22 AM
- Macy's (NYSE:M) reports comparable sale on an owned plus licensed basis fell 2% in Q2.
- Gross margin was flat Y/Y, but operating income plunged to 2.0% of sales compared to 7.1% a year ago with impairment and other costs dramatically higher.
- The company ended the quarter with merchandise inventory of $5.322B, down 3.2% Y/Y.
- Macy's says it will close 100 full-line stores (out of 675 total). The company also indicates that it will continue to pursue opportunities to generate value with its remaining real estate portfolio.
- Full-year guidance was reaffirmed by Macy's.
- Previously: Macy's beats by $0.09, beats on revenue (Aug. 11)
- M +11.44% premarket to $38.00.
Thu, Aug. 11, 8:01 AM