- There's some very anxious trading in the department store sector as Macy's (M -4.7%) holds its analyst day event.
- In early comments, Macy's execs issued a warning on margins, but also backed prior guidance. Seeking Alpha is monitoring the event and will post fresh updates here.
- Macy's Investor Meeting webcast
- Movers: J.C. Penney (NYSE:JCP) -3.5%, Sears Holdings (SHLD) -3.6%, Kohl's (NYSE:KSS) -4.3%, Bon-Ton Stores (OTC:BONT) -5.9%, Dillard's (NYSE:DDS) -3.4%, Nordstrom (NYSE:JWN) -1.5%.
- Update: Macy's CFO Karen Hoguet says Q2 gross margin rate is running a full percentage point below last year's level. The company is using cost-cutting measures, a merchandise re-alignment strategy and increased focus on the BackStage business in an effort to hold the bottom line.