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August 13, 2014
11:46 EDTM, JWN, JCPMacy's shares trading lower as Q2 results fall short of expectations
Shares of Macy's (M), a retailer that sells a range of merchandise, including apparel, accessories and home furnishings, are lower after the company's second earnings missed analysts' expectations. WHAT'S NEW: The company reported Q2 earnings per share 80c on revenue of $6.23B, falling short of analysts' estimates of 86c and $6.3B, respectively. Comparable sales were up 3.4% for the quarter and comparable sales together with comparable sales of departments licensed to third parties were up 4%. Chief Executive Officer Terry Lundgren noted that even with an improved sales trend in Q2, the company could not make up its sales shortfall from the first quarter. Looking ahead, Macy's reaffirmed its fiscal year 2014 EPS view of $4.40-$4.50 against estimates of $4.47, but cut its FY14 SSS view to 1.5%-2% from 2.5%-3%. Second half same store sales are expected to be up 2%-3%, and the company said expectations for the second half of the year are "on track." Lundgren said the company is approaching 2H with "confident optimism." WHAT'S NOTABLE: On the company's earnings conference call, Macy's Chief Financial Officer Karen Hoguet said the retail expects third quarter SSS to be lower than fourth quarter, adding that it "feels good" about the back half of the year. Macy's said that it sees fall season EPS, or the combined EPS for Q3 and Q4, of $3.04-$3.14 and expects total sales for the second half of the year to be about 30 basis points lower than comp growth. Macy's sees gross margins flat to down slightly for the year and fall season. ANALYST OPINION: This morning, UBS analysts said the Q2 miss could signal Macy's have been unable to generate incremental margin support from brands into increasingly promotional sales trends. Morgan Stanley analysts, meanwhile, believes the Q2 miss and the pullback in shares will be temporary and it presents a buying opportunity. The firm expects more margin misses over the next few weeks due to the promotional environment and remains convinced that Macy's key strategies are still in the early stages of delivering results. PRICE ACTION: In late-morning trading, shares of Macy's dropped $2.89, or 4.84%, to $56.88. OTHERS TO WATCH: J.C. Penney (JCP), which reports earnings tomorrow, is down 2.15%. Nordstrom (JWN), which also reports earnings tomorrow, is relatively flat.
News For M;JCP;JWN From The Last 14 Days
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November 12, 2014
16:20 EDTJCPJ.C. Penney expects to be free cash flow positive for 2014
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16:11 EDTJCPJ.C. Penney lower by almost 3% to $7.55 after Q3 financial report
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16:09 EDTJCPJ.C. Penney reports Q3 gross margin 36.6%
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16:08 EDTJCPJ.C. Penney sees 2014 SSS 3.5 % to 4.5 %
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16:06 EDTJCPJ.C. Penney sees Q4 SSS to increase 2 %-4 %
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16:05 EDTJCPJ.C. Penney reports Q3 EPS (77c), consensus (80c)
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15:29 EDTJCPNotable companies reporting after market close
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13:32 EDTJCPEarnings Preview: J.C. Penney lowered Q3 SSS view, affirms FY14 metrics in Q3
J.C. Penney (JCP) is scheduled to report third quarter earnings after the market close on Wednesday, November 12, with a conference call scheduled for 4:30 pm ET. J.C. Penney operates about 1,100 retail stores and jcp.com. EXPECTATIONS: Analysts are looking for a loss per share of (80c) on revenue of $2.81B, according to First Call. The consensus range for EPS is (95c)-(54c) on revenue of $2.72B-$2.93B. LAST QUARTER: J.C. Penney reported second quarter adjusted EPS of (75c) against estimates for (93c), on revenue of $2.8B against estimates for $2.79B. Comparable store sales increased 6% for the quarter and online sales through jcp.com were up 16.7% from the year-ago period to $249M. On its Q2 earnings conference call, the company said that expected a "profitable" sales in the back-to-school season, adding that the company could see some "anomalies" in expense during Q3. NEWS: During the quarter, J.C. Penney announced the appointment of Marvin Ellison, EVP of stores at Home Depot (HD), as president and CEO-Designee, effective November 1. Ellison will also join the board, and succeed Myron E. Ullman, III as CEO of the company on August 1, 2015, at which time Ullman will become executive chairman of the board for a period of one year. At its analyst day in October, the retailer lowered its Q3 SSS view to low single digit growth from its previous view of mid single digit growth. J.C. Penney also warned investors that its September sales were weaker than expected. Despite lowering its SSS forecast, the retailer reaffirmed the rest of its quarterly guidance, including gross margins and SG&A expenses, and maintained all of its fiscal year 2014 guidance metrics, including mid-single digit SSS growth and positive free cash flow. STREET RESEARCH: Cleveland Research said J.C. Penney's challenging sales trends continued in October and is positioning to increase promotional activity during the holiday season. Wells Fargo, which has an Underperform rating on the stock, said that Ellison lacks expertise in apparel and accessories, where J.C. Penney is having a tough time. J.C. Penney shares could drop 35% if the company misses on sales growth estimates, Barron's said. PRICE ACTION: Over the last three months, J.C. Penney shares are down almost 20%. In morning trading today ahead of tonight's Q3 report, J. C. Penney's stock is up almost 6% to $7.61.
13:10 EDTJCPJ.C. Penney November weekly 7.5 straddle priced for 11.8% move into Q3
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12:38 EDTMOn The Fly: Midday Wrap
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10:57 EDTMMacy's says "not counting on a lot of help from the economy" for holiday season
10:48 EDTMMacy's sees Q4 EPS $2.30-$2.40, consensus $2.54
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09:21 EDTMOn The Fly: Pre-market Movers
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08:09 EDTMMacy's sees Q4 SSS with licensed businesses up 2%-3%
Macy's said Q4 comparable sales together with comparable sales of departments licensed to third parties are expected to grow by approximately 2%-3%, or 1.8%-2.8% on a comparable sales basis exclusive of licensed businesses.
08:07 EDTMMacy's, Citi Retail Services renew card agreement
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08:05 EDTMMacy's CEO says optimistic for Q4
Macy's chairman and CEO Terry Lundgren said, "Going forward, we remain optimistic for the fourth quarter based on several factors. First, we have developed an outstanding merchandise assortment for holiday gift-giving and self-purchase rooted in great style, exclusive offerings and outstanding value during this key shopping period. Second, we have enhanced our transition to fresh post-holiday vacation and resort assortments. Third, we have new store, omnichannel and marketing strategies in place that we believe will drive incremental business throughout the fourth quarter. This includes Buy Online Pickup in Store now rolled out to all full-line Macy’s and Bloomingdale’s locations, Same Day Delivery pilots up and running in eight major Macy’s markets and four Bloomingdale’s markets, and improved functionality and usability in upgraded mobile apps. And fourth, we are poised to capitalize on a return to more normalized weather patterns after the unusually severe snowstorms in the fourth quarter last year."
08:04 EDTMMacy's says Q3 sales performance fell short of expectations
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08:03 EDTMMacy's lowers FY14 EPS view to $4.25-$4.35 from $4.40-$4.50
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08:01 EDTMMacy's reports Q3 EPS 61c, consensus 50c
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07:53 EDTJWNNordstrom November volatility elevated into Q3 and outlook
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