Saddled With Too Much Selling Space in a Changing Market, We Maintain our View Macy's Lacks a Moat
Macy’s closed 2018 with fourth-quarter numbers that were in line with holiday sales and guidance released in mid-January. It also announced further restructuring and management layoffs but provided few details. While Macy’s fourth-quarter results were typically messy ($97 million in restructuring plus other charges), its revenue of $8.70 billion and pro-forma operating income of $1.05 billion nearly matched our estimates of $8.65 billion and $1.06 billion, respectively. However, Macy’s comparabl...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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