News: Macys Inc (M)
27 May 2016
Thu, May 19 2016
* Moody's revises Macy's rating outlook to negative, affirms baa2 senior unsecured rating
Macy's Inc reported a much bigger-than-expected drop in quarterly sales and slashed its full-year forecast, underscoring U.S. department stores' uphill struggle against slumping demand for apparel. | Video
* Shares of rivals also fall (Adds analysts' comments, graphic; updates shares)
* CFO on conf call- no longer confident international tourist spending will improve anytime soon
May 11 U.S. stocks opened lower on Wednesday as oil prices surrendered early gains and poor results from Walt Disney and Macy's weighed on investor sentiment.
May 11 Department store operator Macy's Inc reported a 7.4 percent fall in first-quarter sales, the fifth straight quarter of decline, as customers cut back on buying apparel and a strong dollar discourages tourists from spending heavily.
* Fitch SAYS expects recent weakness in mid-market apparel sector and online migration of sales will continue
* Macy's CEO Terry Lundgren says consumer spending same as it was in January; spending on homes, autos rather than apparel -CNBC
* Sees 2016 adjusted diluted earnings per share of $3.80 to $3.90 - SEC filing
* Says CEO Terry J. Lundgren FY 2015 total compensation $11.7 million versus $16.5 million in FY 2014
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