Expecting good Holiday performance
Given the positive indicators on traffic and sales from the broader industry, we expect Macy's should be able to deliver a better than expected Holiday performance. Following an improved November and strong Thanksgiving weekend, trends in December continue to be encouraging. Macy's itself announced the hire of incremental seasonal employees in response to strong trends. We believe the Q4 comp can be at least flat, and the positive trend should continue into the new year.Macy's is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The company's wholly-owned bank subsidiary, FDS Bank, provides certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank, a subsidiary of Citibank, N.A., or FDS Bank and that constitute a part of the credit programs of the company's retail operations.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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