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Macy's Inc (M)

M on New York Consolidated

36.60USD
27 Sep 2016
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Latest Key Developments (Source: Significant Developments)

Macy's sets regular quarterly dividend of $0.3775/shr
Friday, 26 Aug 2016 10:45am EDT 

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

Richard A. Lennox named Macy's Chief Marketing Officer
Thursday, 18 Aug 2016 12:00pm EDT 

Macy's Inc : Richard A. Lennox named Macy's Chief Marketing Officer . Says Lennox succeeds Martine Reardon .Lennox has served as Senior Vice President and Chief Marketing Officer of Toys "R" Us since 2014.  Full Article

Macy's CFO on conf call - FY comparable sales forecast looks achievable
Thursday, 11 Aug 2016 10:51am EDT 

Macy's Inc : CFO on conf call - all of apparel was stronger in Q2 . CFO on conf call - sales trend in the major tourist stores improved for both Macy's and Bloomingdale's in Q2 . CFO on conf call - a few strong promotional events and sharper pricing helped in Q2 . CFO on conf call - expanded Last Act beyond apparel areas, to handbags, expect to convert shoes later this year . CFO on conf call - will not lose representation in any of the top markets through store closures . CFO - most stores being closed are underperforming, also closing few stores because their desirability for redevelopment exceeds their viabiliity as retail stores . CFO - while our weaker-performing and less well-located stores are cash flow positive, many of these don't produce acceptable returns on investment . CFO on conf call - sales of handbags, fashion jewelry and watches continued to be weak in q2 . CFO on conf call - pleased with early performance of China jv with Alibaba . Cfo on conf call - digital business had a strong quarter again of double-digit growth, both at macy's and at bloomingdale's. . CFO on conf call - our FY comparable sales forecast looks achievable . CFO on conf call - had suspended share buyback in Q2 in reaction to disappointing Q1 . CFO on conf call - if current sales trend continue, will consider resuming buybacks in second half of year . CFO - "this country is over-stored, given evolving customer shopping habit".  Full Article

Kohl's CEO on conf call- Targeting end of Q3 inventory to be down in mid-single digits
Thursday, 11 Aug 2016 09:20am EDT 

Kohls Corp : CFO on conf call - our teams continue to aggressively and effectively manage store payroll as sales trends change . CEO - targeting end of Q3 inventory to be down in mid-single digits . CEO - our receipts will be down in Q3 and slightly up in Q4 as we bring in more transitional receipts than we did last year for holiday season . CEO - expect adding Under Armour will attract new customers to our stores . CEO - "one big initiative that we need to take across more of our private and exclusive brands is the need to improve our speed to market" . Ceo- " while Q2 performance and sales certainly improved over Q1, we did have declines in foot traffic in stores generally, this needs to be reversed to positive" . CFO- we haven't seen a big sales pickup from the Macy's store closures . CFO- "as we look into the fall and holiday , we've planned down seasonal categories substantially more than the overall business" . On conf call - Q2 gross margin increase was driven by savings in both promotional markdown and permanent clearance markdowns . CEO - May was weakest month of Q2, June aided by favorable weather, July finished very strong . CEO - being very conservative in our cold weather categories as we expect q3 to be soft, with q4 improving versus last year's mild winter . CEO - will be opening 6 smaller-format stores in Q3, adding to 2 opened in Q1.  Full Article

Macy's to close about 100 of its full-line stores
Thursday, 11 Aug 2016 08:10am EDT 

Macy's Inc : Macy's, Inc. Outlines moves to drive profitable growth and enhance shareholder value . Intends to close approximately 100 macy's full-line stores . Will invest in improvements in ongoing stores and digital vehicles . Non-Cash asset impairment,other charges of $249 million being booked in q2 include preliminary estimate of upcoming store closings in 2016,beyond . We are in early-stage joint venture/strategic alliance discussions with various potential partners with respect to real estate portfolio . In stores, macy's will be adding new vendor shops, bringing new businesses onto sales floors through additional license agreements . Is re-creating its physical store footprint . Will operate fewer stores and concentrate its financial resources and talent on our better-performing locations . "in short term, our company's topline sales will be somewhat smaller" . Most of these stores will close early in 2017, with balance closing as leases and certain operating covenants expire or are amended or waived . Annual sales volume of about 100 closed locations, net of sales expected to be retained in nearby stores and online, is expected to be roughly $1 billion . Continues to work on plans for optimizing its real estate portfolio . Intends to continue to capitalize on situations where development of all or portion of a real estate holding exceeds value of its existing use.  Full Article

Macy's Q2 EPS $0.54 excluding items
Thursday, 11 Aug 2016 07:59am EDT 

Macy's, Inc.: Q2 earnings per share $0.03 . Q2 same store sales fell 2 percent . Sees FY 2016 earnings per share $3.15 to $3.40 excluding items . Year guidance . Q2 sales $5.866 billion versus I/B/E/S view $5.75 billion . Q2 earnings per share view $0.45 -- Thomson Reuters I/B/E/S . Company remains confident in its previously provided guidance for full-year 2016 . Comparable sales on an owned plus licensed basis were down by 2.0 percent in q2 . Expects full-year 2016 comparable sales on an owned plus licensed basis sales to decrease in range of 3 percent to 4 percent . FY earnings per share view $3.26, revenue view $25.81 billion -- Thomson Reuters I/B/E/S . On an owned basis, q2 comparable sales declined by 2.6 percent . Company had decided to suspend its repurchase program but will consider resuming stock buybacks in second half of 2016 . In q3, Macy's is closing stores in North Hollywood, CA, and West Valley City, UT .Company announced plans to close approximately 100 full-line macy's locations.  Full Article

Macy's Inc's Jeff Gennette - going to focus on our stores at a greater level than we have over the past year"
Thursday, 23 Jun 2016 04:05pm EDT 

Macy's Inc's : Jeff Gennette - "going to reduce (customer) pain points, going to focus on our stores at a greater level than we have over the past year" . Jeff Gennette to Reuters- will amplify commitment to beauty business, "we've got some pretty fierce competitors out there" . CEO Lundgren - many of the real estate transactions quite complicated, so will definitely go on beyond 2016 Further company coverage: [M.N] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

Macy's Inc says Jeff Gennette appointed CEO
Thursday, 23 Jun 2016 09:00am EDT 

Macys Inc - : Macy's, Inc. announces CEO succession plan . Says Jeff Gennette appointed CEO . Says Lundgren will continue as executive chairman of company and work side-by-side with Gennette as president and CEO . Says Jeff Gennette appointed CEO . Terry J. Lundgren will transition position of CEO to Jeff Gennette in Q1 of 2017 . Macy's Inc says Gennette will join Macy's, Inc. board of directors, bringing size of board to 14 members .Macy's Inc says Terry J. Lundgren will transition position of CEO to Jeff Gennette in Q1 of 2017.  Full Article

Local 1-S Macy's Workers union and Macys reach tentative agreement on new 4 year contract - Facebook Post
Thursday, 16 Jun 2016 07:52am EDT 

Macys Inc : Local 1-S Macy's workers union says Local 1-S and Macys have reached a tentative agreement on a new 4 year contract - Facebook Post Further company coverage: [M.N] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

Moody's revises Macy's rating outlook to negative
Thursday, 19 May 2016 05:13pm EDT 

Moody's On Macy's: Moody's revises Macy's rating outlook to negative, affirms baa2 senior unsecured rating .Revision of rating outlook reflects continued weakness in apparel demand within department store increases risk of returning credit metrics.  Full Article

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Macy's teams up with grooming services provider in beauty push

Macy's Inc will partner with beauty services provider beGlammed to provide at-home grooming and makeup services, as the department store operator focuses on beauty to help arrest a slide in sales.