Macy’s Holiday Sales Disappoint; Lowering Our Fair Value Estimate
Although Macy’s 2% comparable owned and licensed sales decline in November and December was slightly ahead of our fourth-quarter expectation of a 3% dip, lowered adjusted earnings guidance (now calling for $2.95-$3.10 versus previous guidance of $3.15-$3.40 and our $3.30 estimate) suggests that traffic is worsening in January and that margins have likely taken a hit. Management also announced the closure of 68 stores but we note that these are a part of the previously announced 100 closings (dis...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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