Burdened With Excess Selling Space in a Changing Market, We Maintain Our View Macy’s Lacks a Moat
Macy’s 2019 first-quarter same-store sales of 0.7% surpassed our forecast of 0.4% and the consensus forecast of a 0.2% decline. While concerns have arisen surrounding post-holiday discounting of excess inventory, we think the situation was largely resolved by early-2019. Although Macy’s first-quarter EPS of $0.44 beat our estimate of $0.38, the difference was mainly attributable to asset sales that were $13 million above our forecast. We continue to expect flat revenue in 2019 and believe Macy’s...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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