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News Breaks
May 13, 2014
12:43 EDTMEarnings Preview: Analyst doesn't see Macy's revising FY14 guidance in Q1 report
Macy's (M) is scheduled to report first quarter earnings before the market open on Wednesday, May 14, with a conference call scheduled for 10:30 am ET. Macy's is a retailer that sell a range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods. EXPECTATIONS: Analysts are looking for earnings per share of 59c on revenue of $6.46B, according to First Call. The consensus range for EPS is 52c-64c on revenue of $6.38B-$6.59B. LAST QUARTER: Macy's reported fourth quarter EPS of $2.31 excluding items, against estimates for $2.17, on revenue of $9.2B, against estimates for $9.27B. Same-store sales in the quarter were up 1.4% and up 2.3% for comparable sales combined with comparable sales from departments licensed to third parties. Macy's backed its fiscal year 2014 EPS guidance of $4.40-$4.50. The consensus for FY14 EPS is $4.48. Capital expenditures for the year are expected to be approximately $1.05B. NEWS: On its last earnings conference call, Macy's forecast a higher comp gain in the second quarter vs. the first quarter and said it expected a "flattish to down slightly" gross margin rate for the year. The company forecast total sales growth "approximately the same" as SSS growth this year. The retailer said trends began to recover after Valentine's Day. At the Telsey Advisory Group Spring Consumer Conference, Macy's revised its FY14 SSS growth outlook to 2%-3% from 2.5%-3%. The company commented that the environment was very promotional and that consumers were not "overwhelmingly excited" about spending. Macy's said it would continue to close stores that are no longer cash positive or "no longer worth investing in." In April, Macy's named Jeffrey Gennette as president. STREET RESEARCH: Buckingham believes April and May trends at the retailer strengthened, and expects the company will maintain its FY14 guidance. During the quarter, shares were upgraded to Outperform from Market Perform at Wells Fargo. PRICE ACTION: Over the last three months, Macy's shares are up over 8%. The stock was up fractionally to $57.42 in mid-morning trading ahead of tomorrow's report.
News For M From The Last 14 Days
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April 10, 2015
10:00 EDTMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bemis (BMS) upgraded to Buy from Neutral at BofA/Merrill... Gigamon (GIMO) upgraded to Outperform from Market Perform at William... Global Payments (GPN) upgraded to Overweight from Equal-Weight at First Analysis... Knight Transportation (KNX) upgraded on valuation, catalysts at Stifel... Macy's (M) upgraded to Buy from Neutral at Buckingham... Netflix (NFLX) upgraded to Buy from Neutral at Citigroup... Reckitt Benckiser (RBGLY) upgraded to Buy from Neutral at UBS... Union Pacific (UNP) upgraded on valuation, growth outlook at Stifel... Weatherford (WFT) upgraded to Outperform from Sector Perform at RBC Capital.
08:24 EDTMMacy's upgraded at Buckingham
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07:51 EDTMMacy's upgraded to Buy from Neutral at Buckingham
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April 9, 2015
09:18 EDTMBofA/Merrill retail analysts hold an analyst/industry conference call
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April 6, 2015
14:48 EDTMMacy's management to meet with JPMorgan
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