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Stock Market & Financial Investment News

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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January 23, 2015
09:02 EDTMMacy's Sacramento fulfillment center to relocate to larger facility
Macy’s announced it plans to relocate its West Sacramento, CA, direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy’s omnichannel strategy. Contingent on approvals by the Sacramento County Board of Supervisors, Macy’s will begin operations in summer 2015 at a 385,000-square-foot facility at 6200 Franklin St., creating approximately 100 new jobs. The current 92,000-square-foot fulfillment center is located about 10 miles away at 3919 Channel Drive in West Sacramento. The current workforce of 72 associates is planned to grow to more than 175 after the move. Macy’s multi-million-dollar upgrade to the new fulfillment center will include building modifications and the latest technology in material handling equipment and warehouse management systems.
January 21, 2015
12:12 EDTMBest Buy, home retailers seen getting biggest bump from Sears demise
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06:59 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field’s, and Filene’s, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
06:52 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field's, and Filene's, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
January 20, 2015
09:44 EDTMSupreme Court denies appeal of 'swipe fee' ruling, Reuters reports
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January 13, 2015
09:00 EDTMMacy's names RLJ Lodging Trust CFO Leslie Hale to board of directors
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