Macy's real estate strategy is crystallizing, but sales performance pressures remain.
Although third-quarter comparable sales declines of 3.6% indicated to us that traffic continues to be a significant headwind to no-moat Macy’s, adjusted operating margin growth of 30 basis points to 3.3% imply that SG&A savings programs are on track, discounting and inventory headwinds are more controlled, and real estate monetization efforts are proceeding. We expect to reduce our $30 fair value estimate by $1-$2 to reflect ongoing comparable sales declines (we are currently modeling a 1% d...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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