Macy’s Comparable Sales Losses Accelerate; Lowering Our Fair Value Estimate
No-moat Macy’s announced first quarter comparable sales declines of 5%, an acceleration in decline from 2016’s 3% downtick. Although we have long held that department stores are in secular decline given significant exposure to online threats (with much of the same merchandise found in both channels), we now believe that our estimates did not accurately reflect the speed at which market share losses would occur. Therefore, we expect to lower our $34 fair value estimate by about $2 to $3 and see r...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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