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Department store stocks rattled as Macy's talks shop

Jun. 06, 2017 11:01 AM ETMacy's, Inc. (M) StockM, SHLDQ, BONT, JWN, KSS, DDS, CPPRQBy: Clark Schultz, SA News Editor57 Comments
  • 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.

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