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News Breaks
August 13, 2014
11:46 EDTM, JCP, JWNMacy'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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October 29, 2014
10:31 EDTJWNNordstrom to close Mall of Georgia store in Buford Georgia
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October 28, 2014
11:38 EDTJCPKohl's sinks after profit, sales growth outlook misses expectations
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07:13 EDTMMacy's, Bloomingdale's stores to open in Abu Dhabi in 2018
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October 27, 2014
09:37 EDTMActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR TWTR AMZN M NQ GILD C FB NFLX
October 24, 2014
10:29 EDTJCPOptions with decreasing implied volatility
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October 23, 2014
08:41 EDTMBuild-A-Bear partners with Macy's to open shop-in-shop locations for holidays
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October 22, 2014
09:50 EDTJWNCredit Suisse to hold a field trip
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October 17, 2014
16:55 EDTJCPStocks end volatile week lower amid oil price plunge
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