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August 13, 2014
10:44 EDTMMacy's sees Q3 SSS lower than Q4
Sees 2H total sales growth approximately 30bp lower than comp growth. Sees gross margin rate flat to down slightly for the year. Says "feels good" about back half of the year. Says "comfortable" maintaining FY14 EPS guidance. Says women's, men's sporstwear, non-athletic shoes were weakest categories in Q2. Says internet-generated demand growing. Says back-to-school sales have been "good," sees "click and collect" helping during holiday season. Says consumers dealing with economic environment that is improving, "at best, gradually." Comments made on the Q2 earnings conference call.
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November 11, 2015
09:28 EDTMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
09:22 EDTMMacy's CFO says 'anxious' to see how other retailers fared in the quarter
CFO Karen Hoguet says sales "unexpectedly weakened" in Q3. Estimates impact of lower international tourist sales to be approx. 1.5 points in Q3. Says that in spite of disappointing overall sales, says there were some "bright spots," including digital growth, Active, furniture and mattresses business, as well as kids and younger millennials businesses. Says will need to liquidate elevated inventory in Q4.
09:14 EDTMMacy's says exploring JVs, other deals to redevelop flagship real estate assets
Says flagship real estate assets include Union Square, Herald Square.
09:13 EDTMMacy's says 'not enough value' to be created from establishment of REIT
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09:08 EDTMMacy's CEO says retail industry going through 'tough period'
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08:10 EDTMMacy's says to reduce CapEx to less than $1B in 2016
Macy's, Inc. is continuing to execute a number of key strategies and actions going forward to adapt its business model as an omnichannel retailer committed to outstanding stores as a competitive differentiator. These adjustments are rooted in Macy's MOM strategies and Bloomingdale's focus on omnichannel opportunities, contemporary style and personalized service -- which have proven to be a powerful driver of success. The company is: Accelerating investments in Macy's, Bloomingdale's and Bluemercury's digital and mobile capabilities to mirror the shift to increased online shopping, where the company continues to see double-digit, year-over-year sales increases. Concentrating its resources in top stores in the best locations so each store is a more compelling magnet for customer activity and uses its selling space more productively. Best stores will see intensified merchandise assortments in key destination departments such as jewelry and watches, strategically selected licensed departments, strengthened visual presentation, enhanced staffing and more local marketing. Meanwhile, in early 2016, the company will be closing 35 to 40 of its current portfolio of about 800 Macy's and Bloomingdale's stores, as previously announced, and expects it will continue to reduce the number of stores over time. Reducing expense and tightening capital spending to operate more efficiently and fund the highest-potential growth initiatives. Macy's, Inc.'s target is to reduce annual SG&A by $500 million from previously planned levels by 2018, with incremental progress in 2016 and 2017 toward that goal. These structural expense reductions will result in charges to be taken in each of the three years. Specific plans to achieve these savings are being formulated. Macy's, Inc. will reduce capital spending to less than $1 billion in 2016 from the $1.2 billion expected in 2015. The company also is quickly building-out new directions for the longer-term future: Expand Macy's Backstage as an exciting new dimension in retailing across America. Over the next two years, the company will roll out about 50 free-standing Macy's Backstage stores in off-mall locations, building on the pilot launch this fall. In addition, in spring 2016 the company will pilot Backstage stores within up to 10 existing Macy's store locations, creating a new hybrid store. Open approximately 40 additional Bluemercury self-standing beauty specialty stores, bringing the total store base to approximately 115 by the end of 2017. Appropriately expand Macy's internationally based on the learnings we expect from the Macy's China Limited pilot with Alibaba's Tmall Global beginning in the fourth quarter.
08:09 EDTMMacy's says has decided not to pursue formation of a REIT at this time
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08:06 EDTMMacy's cuts FY15 EPS view to $4.20-$4.30 ex-charges from $4.70-$4.80
Consensus is $4.65. Guidance is for full-year 2015 comparable sales on an owned plus licensed basis to decrease by 1.8 percent to 2.2 percent, compared with previous guidance of approximately flat. The company expects 2015 total sales to be down by 2.7 percent to 3.1 percent, compared to previous guidance for total sales to be down approximately 1 percent.
08:04 EDTMMacy's sees Q4 EPS $2.54-$2.64, consensus $2.90
Sees fourth quarter comparable sales on an owned plus licensed basis to decline by 2.0 percent to 3.0 percent. Full-year and fourth quarter 2015 comparable sales on an owned basis will be approximately 50 basis points lower than on an owned plus licensed basis.
08:02 EDTMMacy's reports Q3 comaprable sales on owned plus licensed basis down 3.6%
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08:02 EDTMMacy's CEO says 'disappointed' sales did not improve in Q3
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08:01 EDTMMacy's, Luxottica agree to open LensCrafters in as many as 500 Macy's stores
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08:01 EDTMMacy's reports Q3 EPS 56c ex-items, consensus 54c
Reports Q3 revenue $5.87B, consensus $6.09B. Macy's reported earnings per share of 36 cents in the third quarter of 2015, ended Oct. 31, 2015. Excluding asset impairment charges of $111 million, or 20 cents per share, primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, third quarter earnings per share were 56 cents per share. This compares with 61 cents per diluted share in the third quarter of 2014.
November 10, 2015
15:27 EDTMMacy's options volume call/put ratio 2.49 : 1 into Q3
14:44 EDTMNotable companies reporting before tomorrow's open
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14:31 EDTMMacy's November weekly 47 straddle priced for 9.6% movement into Q3
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13:13 EDTMEarnings Watch: Analysts downbeat on Macy's Q3 earnings report
Macy's (M) is scheduled to report third quarter earnings before the market open on Wednesday, November 11 with a conference call scheduled for 9:00 am ET. Macy's is a retailer that sells a range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods. EXPECTATIONS: Analysts are looking for earnings per share of 53c on revenue of $6.09B, according to First Call. The consensus range for EPS is 36c-63c on revenue of $5.92B-$6.18B. LAST QUARTER: Macy's reported second quarter EPS of 64c on revenue of $6.1B, below estimates for 76c and $6.23B, respectively. Comparable sales growth on an owned plus licensed basis for Q2 declined 1.5%. On an owned basis, Q2 same-store sales declined by 2.1%. The retailer cited a variety of factors for its "disappointing" Q2 performance, including internal and macroeconomic factors. Looking ahead, the retailer maintained its fiscal year 2015 EPS view of $4.70-$4.80, against estimates at that time for $4.63, but lowered its FY15 guidance for SSS on an owned plus licensed basis to be approximately flat, compared with previous guidance for growth of approximately 2%. Comparable sales on an owned basis will be approximately 50 basis points lower than on an owned plus licensed basis. The company expects total sales to be down by approximately 1% in 2015, compared to previous guidance for total sales growth of approximately 1%. Guidance was lowered for SSS and total sales primarily based on weaker than expected sales performance in the first half of the year. The company said it expects an improvement in trend beginning in the second half of the year. NEWS: In conjunction with its last earnings release, Macy's and Tishman Speyer said they signed a real estate purchase and sale agreement, under which Macy's will continue to own and operate the first four floors and lower level of its existing nine-story Fulton Street retail store, which will be reconfigured and remodeled, while Tishman Speyer will buy the area Macy's will not retain. Tishman Speyer also said it would buy Macy's Hoyt Street parking facility. Additionally, Macy's formed a joint venture with Fung Retailing to test e-commerce in China. Macy's China Limited is expected to invest approximately $25M in the operations of the JV over the next 18 months, the company said. Further, Alibaba (BABA) entered into an agreement with Macy's China, under which Macy's China will launch an exclusive online flagship store on Tmall Global. In September, Macy's announced plans to close 35-40 underperforming stores in early 2016, and later that month said it will hire 85,000 seasonal associates in 2015. STREET RESEARCH: On November 9, Citi analyst Paul Lejuez lowered his estimates and price target for Macy's Q3 EPS to 47c from 52c, based on expectations for SSS to be down 1%-3%; the analyst also cut his fourth quarter estimate, and lowered the estimate for fiscal year 2015 to $4.45 from $4.51 and fiscal year 2016 to $3.91 from $4.10. The analyst lowered his price target to $48 from $52, as he believes the department store channel had a "tough quarter" and is facing a "challenging" future. Additionally, ITG Research lowered its estimate for Macy's and other department stores following checks that indicate weaker sales trends for October. Previously, Cleveland Research said Macy's experienced "difficult" sales trends throughout the quarter due to continued headwinds from lower traffic and tourism rates, as well as reduced performance in key merchandising segments. OTR Global said Macy's Q3 sell-through was below goals, and downgraded the stock to Negative from Mixed. Macy's was also downgraded Cowen, to Market Perform from Outperform, citing lack of upside comps in Q3, risk to Q4 comps and "aggressive" Street estimates for 2016. PRICE ACTION: Over the last three months, Macy's is down over 30%. Ahead of Wednesday's earnings report, the stock is up about 1.5% to $46.96.
09:17 EDTMDepartment Store estimates lowered at at ITG Research
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07:15 EDTMMacy's volatility elevated into Q3 and outlook
Macy's November weekly call option implied volatility is at 120, November is at 85, December is at 57; compared to its 52-week range of 17 to 54, suggesting large near term price movement into the expected release of Q3 results on November 11.
05:29 EDTMStocks with implied volatility above IV index mean; M ODP
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