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Macy's Inc (M.N)

M.N on New York Stock Exchange

23.41USD
22 May 2017
Change (% chg)

$0.40 (+1.74%)
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Latest Key Developments (Source: Significant Developments)

Macy's CFO - Expect improvement in trend to start in Q2
Thursday, 11 May 2017 11:34am EDT 

May 11 (Reuters) - Macy's Inc :CFO on conf call- international tourists sales declined at about the same rate as Q1 comp sales.CFO - weaker businesses in Q1 included handbags, fashion jewelry and watches, housewares.CFO - have 26 backstage stores open within macy's stores and are adding 19 more this year.CFO - Q1 gross margin decline was due to ending 2016 with inventory higher than anticipated, weak february sales and margin pressures in a few businesses.CFO - gross margin declines in beauty business due to increased promotional activity.CFO - making good progress in selling off properties that were previously closed.CFO - there is a dedicated Brookfield team working with our team on feasibility analysis and redevelopment activities related to about 50 real estate assets.CFO - had expected Q1 to be weakest quarter of year, benefits from closed stores were not expected to help until going-out-of-business sales were completed until late march.CFO - expect improvement in trend to start in q2.CFO - adding or expanding furniture and mattresses in approximately 60 stores.CFO - "we've concluded that our current model is too heavily weighted to promotional marketing".CFO - strategizing to improve our 'buy online pickup in store' experience.CEO- working on bringing additional traffic into stores in close partnership with our mall developers.  Full Article

Macy's reports Q1 adjusted earnings per share $0.24
Thursday, 11 May 2017 08:00am EDT 

May 11 (Reuters) - Macy's Inc -:Macy’s Inc reports first quarter earnings.Q1 earnings per share $0.24 excluding items.Q1 sales $5.338 billion versus i/b/e/s view $5.47 billion.Q1 earnings per share view $0.35 -- Thomson Reuters I/B/E/S.Q1 same store sales fell 5.2 percent.Macy's Inc - remain on track to meet our 2017 guidance.Macy's Inc - macy's, inc. Affirms its previously provided guidance for full-year 2017.Macy's Inc - comparable sales on an owned basis were down 5.2 percent in q1 and down 4.6 percent on an owned plus licensed basis.Macy's Inc - Macy's Inc board of directors has declared a regular quarterly dividend of 37.75 cents per share on macy's common stock.Macy's Inc - is also under contract to sell two additional floors of its downtown seattle store after having sold floors five through eight in 2015.Macy's Inc - "in 2017, we are focused on taking actions to stabilize our brick and mortar business".Fy2017 revenue view $25.89 billion -- Thomson Reuters I/B/E/S.Fy2017 earnings per share view $3.05 -- Thomson Reuters I/B/E/S.Macy's Inc - "we will invest to aggressively grow our digital and mobile business".  Full Article

Macy’s, Tailored Brands to wind down partnership on Tuxedo shops
Wednesday, 3 May 2017 04:15pm EDT 

May 3 (Reuters) - Macy's Inc :Macy's Inc- company , Tailored Brands announced their joint plan to wind down operations under Tuxedo rental license agreement.Macy’s, Inc. and Tailored Brands to wind down partnership.Macy's Inc - Tuxedo shops at Macy's will continue to take new reservations until June 1, 2017, with operations winding down by July 14, 2017.  Full Article

Macy's and G-III sign exclusive agreement for DKNY women's apparel and accessories
Monday, 27 Mar 2017 04:00am EDT 

Macy's Inc : Macy's and G-III sign exclusive agreement for DKNY Women's apparel and accessories . under agreement, Macy's will covers DKNY Women's apparel, handbags and shoes, in addition to women's and men's outerwear and swimwear .G-III will continue to operate freestanding global DKNY stores and DKNY.com.  Full Article

Macy's board elects Jeff Gennette chief executive officer
Thursday, 23 Mar 2017 04:32pm EDT 

Macy's Inc - : Macy's, Inc. board of directors elects Jeff Gennette chief executive officer .Gennette succeeds Terry J. Lundgren, who will continue as executive chairman.  Full Article

Hudson's Bay turns focus away from Macy's to Neiman Marcus, in talks to buy Neiman - CNBC
Tuesday, 14 Mar 2017 10:46am EDT 

Hudson's Bay Co : Hudson's Bay turns focus away from Macy's to Neiman Marcus and is in talks to buy Neiman in deal excluding debt - CNBC, citing DJ ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Tailored Brands reports Q4 loss per share of $0.62
Wednesday, 8 Mar 2017 04:15pm EST 

Tailored Brands Inc : Reports fiscal 2016 fourth quarter and full year results . Q4 GAAP loss per share $0.62 . Q4 earnings per share view $-0.12 -- Thomson Reuters I/B/E/S . Sees FY 2017 earnings per share $1.45 to $1.75 . Q4 adjusted loss per share $0.19 . 2017 outlook includes an estimated operating loss of between $19 million and $20 million from Macy's Tuxedo business . During 2016, Macy's Tuxedo business did not ramp as expected . Outlook for 2017 also assumes decline in our corporate apparel business . "In addition, our outlook includes an estimated operating loss of between $19 million and $20 million from Macy's Tuxedo business" for 2017 . Actively engaged in discussions with Macy's to restructure agreement . In 2017, plan to invest approximately $90 million in capital expenditures and to use free cash flow to pay down debt . Recorded an asset impairment charge of $14 million in Q4 related to fixed assets in Macy's stores . "Due to early stages of our negotiations, our current 2017 plan assumes no further Macy's store expansion" . Company expects approximately net 10 store closures in fiscal 2017 . Expects comparable sales in fiscal 2017 for men's wearhouse to be down low-single digits .Expects comparable sales in fiscal 2017 for Jos. A. Bank to increase mid-single digits, moores and K&G to be down mid-single digits.  Full Article

Macy's sets regular quarterly dividend of $0.3775per share
Friday, 24 Feb 2017 11:55am EST 

Macy's Inc :Sets regular quarterly dividend of $0.3775per share.  Full Article

S&P downgrades Macy's Inc credit rating to 'BBB-'
Wednesday, 22 Feb 2017 03:10pm EST 

S&P:Macy's Inc downgraded to 'BBB-' on weakened operating performance and credit metrics; outlook negative.  Full Article

Macy's CEO on conf call- Anticipate the challenging environment in 2016 to continue
Tuesday, 21 Feb 2017 11:23am EST 

Macy's Inc : CEO on conf call- "physical stores will play an exceedingly important role in the future of shopping for us and others" . CEO on conf call- anticipate the challenging environment in 2016 to continue . CFO- Q4 online sales grew at double digit growth . CEO - "plan to work closely with our real estate team and expect to get a lot done in 2017" . CFO- working on a strategy to transform our beauty business . Not assuming we'll buy back any stock in 2017 in our forecast . CFO on conf call- "are aware of recent headlines, will not be answering any questions regarding rumors or speculation" . CEO- "think there's enough customers in the mall, it's just a matter of where they are shopping" . Backstage within stores making stores more productive, still working on refining the format Further company coverage: [M.N] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

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