Report
Bridget Weishaar
EUR 147.86 For Business Accounts Only

Macy’s on Track to Monetize Real Estate and Sees Operational Improvement; Shares Fairly Valued

We see little change to our $40 fair value estimate and view shares as fairly valued following Macy’s third-quarter earnings. Third-quarter sales declines of 4% tracked roughly in line with our full-year expectation for a 4% revenue decline while gross margin held flat at 39.8%, paving the way for the company to achieve our expectation for a slight gross margin increase for the year on easy fourth quarter compares. Although lumpiness in asset sale gains caused the company to fall light on earnin...
Underlying
Macy's Inc

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Bridget Weishaar

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