Macy's Key Sales Figure Falls For 10th Straight Quarter

Pedestrians walk by Macy's flagship store in Herald Square in New York

Shares of Macy's Inc., which are down 36 percent since the beginning of the year, rose 1 percent to $23.22 before the stock market opened Thursday. Creative Planning increased its position in shares of Macy's by 14.3% in the first quarter.

Earlier in the year, the company posted poor first quarter results that sent shares plummeting by 39 percent due to decline in sales and higher inventory that factored into margins.

Operating income as reported totaled $254 million, representing a margin of 4.6%, compared to operating income of $117 million or 2% of sales in the year-ago quarter. DnB Asset Management AS increased its position in Macy's by 16.8% in the first quarter. Investors will be disappointed in the company's EPS guidance and that will cost the stock in today's trading. Ropes Wealth Advisors LLC boosted its stake in shares of Macy's by 63.5% in the first quarter.

Oddly enough, the stocks mostly beat estimates, but investors continued to sour on the sector nonetheless. The company has a 50-day moving average of $22.93 and a 200-day moving average of $26.98.

Shares of department store chains Macy's Inc. and Kohl's Corp. tumbled on Thursday as the companies reported a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off.

Revenue: $5.55 billion, compared to an estimate of $5.52 billion, Thomson Reuters said.

Macy's, which carries a Zacks Rank #3 (Hold), ended the quarter with cash and cash equivalents of $783 million, long-term debt of $6,301 million, and shareholders' equity of $4,388 million, excluding non-controlling interest of $5 million.

The company's net income was $208 billion, compared to $140 billion during the same time previous year. During the same quarter in the prior year, the business earned $0.51 EPS. Zacks Investment Research lowered shares of Macy's from a "hold" rating to a "sell" rating in a report on Tuesday.

ILLEGAL ACTIVITY WARNING: This piece of content was published by TheOlympiaReport and is the sole property of of TheOlympiaReport. Analysts polled by research firm Consensus Metrix had estimated a 3 percent drop at Macy's and 1.5 percent at Kohl's. Finally, BidaskClub upgraded shares of Macy's from a "sell" rating to a "hold" rating in a research report on Wednesday, July 19th. Wunderlich restated a "buy" rating and issued a $24.00 price target on shares of Macy's in a research report on Friday, May 5th. Gordon Haskett began coverage on Macy's in a research note on Tuesday, May 9th. Macy's has an average rating of Hold and an average target price of $32.11. Cowen and Company set a $29.00 target price on Macy's and gave the company a "hold" rating in a report on Saturday, May 13th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Macy's now has a consensus rating of "Hold" and a consensus price target of $32.11. Whittier Trust Co. of Nevada Inc. now owns 8,731 shares of the company's stock worth $203,000 after buying an additional 1,000 shares during the last quarter. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

In other news, insider Jeffrey Gennette bought 13,085 shares of the stock in a transaction on Monday, June 12th. On an owned basis, comparable sales were down 2.8 percent. The disclosure for this purchase can be found here.

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