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.

Related News:

  • Watch Gal Gadot Sing About Wonder Woman's Most Recent Box Office Milestone

    Watch Gal Gadot Sing About Wonder Woman's Most Recent Box Office Milestone

    BvS is still ahead, however, at the global box office, having earned $873.3 million to Wonder Woman's $794.2 million. You don't see anyone bashing Frozen for not being mature enough for adult audiences.
    High school athlete dies when log falls on him in football drill

    High school athlete dies when log falls on him in football drill

    They say the log fell and hit him in the head. "Our thoughts and prayers go out to the family and the Sachem school district". Mileto, who was scheduled to graduate in 2019, was pronounced dead at Stony Brook University Hospital, the station noted.
    Overwatch Deathmatch & Team Deathmatch Modes Coming Soon to the Arcade

    Overwatch Deathmatch & Team Deathmatch Modes Coming Soon to the Arcade

    It will likely be released to the Public Test Region (PTR) servers first before Blizzard makes it accessible to everyone. You aren't playing to push a payload, you're looking to grab as many kills as you can, as fast as you can.
  • Murray pulls out of Cincinnati Open

    Murray pulls out of Cincinnati Open

    Murray said: 'I'm continuing to work hard on the court with the aim of being in NY . Murray, a two-time Cincinnati champion, has withdrawn citing an ongoing hip injury.
    Pierre signs bout agreement to fight Bisping at UFC 217

    Pierre signs bout agreement to fight Bisping at UFC 217

    St-Pierre was announced, unofficially, earlier in the year, but was later postponed after the Canadian dealt with eye problems. UFC 217 goes down on November 4 inside New York City's hallowed Madison Square Garden.
    National Football League  to now have some full-time officials on its roster

    National Football League to now have some full-time officials on its roster

    Previously all National Football League officials were part-time employees who held other jobs outside of their refereeing duties. Many officials already work about 40 hours a week, even though they're only part-time employees.
  • Wisconsin LB Cichy tears ACL, out for season

    Wisconsin LB Cichy tears ACL, out for season

    He played in just three games his freshman year and eight his sophomore year because of injury before redshirting the next year. Cichy was regarded by many as the best linebacker on what looks to be a strong set of 'backers in Madison, even with T.J.

    Robert Jeffress: Trump has moral authority to kill North Korean dictator

    In July, his church choir and orchestra performed a song called "Make America Great Again" at the John F. More recently, Jeffress was among a group of pastors who laid hands on the president in the Oval Office.
    LawBreakers' Steam Player Numbers are Worrying at Launch

    LawBreakers' Steam Player Numbers are Worrying at Launch

    Boss Key Studios and publisher Nexon have already acknowledged that they are aware of the problem and looking to fix it. A tweet from Boss Key suggests the problem is limited to "when players change roles/leave match".
  • Asia Briefs: US navy sails near disputed islands

    A war of words between the USA and North Korea reached unprecedented new levels this... The Trump administration has vowed to conduct more robust South China Sea operations.
    Animal products will still be used for banknotes, BoE decides

    Animal products will still be used for banknotes, BoE decides

    In the statement, the bank said it "fully recognizes the concerns raised" and had "not taken this decision lightly". Switching production methods would have cost around £16.5 million ($21.4m) over the next 10 years, the Bank said.
    Jefferey Lord Fired From CNN Over Nazi Salute

    Jefferey Lord Fired From CNN Over Nazi Salute

    Lord's time at CNN has been marked with controversy since he became one of the more outspoken pro-Trump voices on the network. Carusone pointed out on Twitter that Lord had misspelled his name in the headline, to which Lord responded "Sieg Heil!"

Most liked

Pink releases new single titled "What About Us"
The star - whose real name is Alecia Moore - also admitted she is "grateful" for her fans standing by her over the years. Then comes the explosive chorus: "What about us?" Beautiful Trauma will be released October 13.

Egypt: four police personnel killed in ambush in North Sinai
In July, Egypt was hit by one of the worst attacks on its security forces in years. The assailants killed one officer, a low-ranking policeman and two conscripts.

NYPD Officer Shot A Suspect With Rifle in Brooklyn
He and different officers had been reacting to a report of a sincerely bothered individual when a man opened fire, police said. Nguyen, who lives in Brooklyn, has been on the force for a little over two years. "He's a courageous young man".

Russian Embassy in Turkey Investigating Detention of Nat'l Accused of Terrorism
The state-run news agency reports Bakiev was plotting the attack at that military base, or an American plane stationed there. A statement from police claims Bakiev was affiliated with ISIS and had previously travelled to Syria.

Almost seven in 10 judge Congress a failure so far
Still, only one in three Americans (34%) say they approve of Democratic leaders in Congress, while six in 10 (59%) disapprove. Republicans themselves are evenly split 44% to 44% on whether the GOP-led Congress has been a success or failure so far.

Leah Remini Calls For Federal Investigation Of Scientology With 'Aftermath' Season 2
It means so much to those who were and are fearless enough to speak out against Scientology . Her star rose again when she turned her views on Scientology into a TV show .

Trump declares opioid crisis a 'national emergency'
Governors in Arizona, Florida, Maryland and Virginia have already declared emergencies . This is every community. "We must act boldly to stop it".

Knicks Reportedly Hope Carmelo Anthony Will Add Teams to Trade Wish List
The Rockets are still pursuing a potential bundle including forward Ryan Anderson , who has three years and $60 million left in his contract.

IAAF robbed me, Botswana athlete, Makwala alleges
German Triple Jumper Neele Eckhardt collapsed but was well enough to compete on Saturday, and took part in Monday's final.

NBA Christmas Day 2017 Schedule: Game-by-Game Preview and Analysis
The Philadelphia 76ers even qualifying for a slot on Christmas Day speaks volumes to the appeal of the budding playoff contender. It's the Celtics' 31st Christmas Day game, and they have a 13-17 record in these contests.

Somewhat Favorable Media Coverage Somewhat Unlikely to Affect Snap (SNAP) Stock Price
Snap has been in an nearly constant slide since its initial public offering and is down 20.6% from its $US17 IPO price. That meant that, while the average revenue per user it earned went up, the companies free cash flow also declined.

Scientists Hack a Computer Using DNA
This command was created to target a particular flaw that the team had previously discovered in the DNA processing programme. To carry out the weird hack, researchers encoded malicious software into a small stretch of DNA they ordered online.

READ: Trump 'Thanks' Putin For Expelling Over 750 American Diplomats
He said they had to leave by 1 September, bringing staff levels to 455, the same as Russia's complement in Washington. At the time, the US State Department said the move was a "regrettable and uncalled for act".

James Harden Revealed as NBA Live 18 Cover Star, Release Date Announced
Through intense dedication to the sport and his fiercely competitive nature, Harden embodies The One for Houston and its fans. NBA Live 18 is all about creating your own identity and making your mark on the league, and I can definitely relate to that.

Boston Celtics to travel to London for regular-season game against 76ers
The Sixers will be designated as the home team in the game, which will be broadcast locally on Comcast SportsNet and 97.5 The Fanatic.