Macy's 1Q Top-Line Gains Fail to Suggest Evidence of Competitive Edge; Shares Inflated
No-moat Macy's chalked up first-quarter revenue growth of 3.6%, above our full-year forecast of a 2% decline. However, this gain came on top of a weak year-ago period, when sales tumbled 7.5%. Further tempering our enthusiasm surrounding the sustainability of this performance, the firm’s 4.2% comparable-sales growth (on an owned plus licensed basis) included a 250-basis-point boost from shifting its Friends and Family sale to the first quarter from the second, representing a 1.7% lift versus our...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.
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