Macy’s Performance Stabilizes in the Fourth Quarter; Shares Fairly Valued
No-moat Macy’s posted marked improvement in the fourth quarter with positive comparable sales growth (up 1.3% on an owned basis versus a 4% average decline in the first three quarters) and adjusted operating margin expansion (up to 16.1% versus 12.5% in the prior year). Furthermore, guidance for a 0.5% to 2% sales decline in fiscal 2018 versus our 2.5% decline estimate and adjusted earnings per share of $3.55-$3.75 (including $300 million to $325 million in asset sale gains already included in o...
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