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T he downtown Seattle Macy’s will close its doors for good in February, ending 90 years of retail at 300 Pine Street. The company’s stock is down 40% over the past 12 months, and down 50% over the last three years.
Macy's is closing 30 stores in early 2020. Macy's will likely try to sell the real estate quickly (provided it can get decent prices), generating cash that it can use to continue paying down debt and funding investments in the business.Unfortunately, following a rebound in sales and earnings trends that began in late 2017, Macy's has come under renewed pressure over the past year. Its momentum continued in the first three quarters of fiscal 2018 as comparable-store sales rose 2.7% year over year. Their steady downward trend in performance means it's no longer economically viable to keep these stores open just to serve Macy's e-commerce business.Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.For the most part, these are small cities with fewer than 150,000 residents in the metro area. Image source: Macy's.These stores don't generate enough sales or profit to justify major investments that might turn the tide. Now you can get quality at a lot of different places and variety can be had at home at your fingertips.”Advanced Micro Devices Inc.’s stock surges to fresh records Wednesday after the chip company’s strong second quarter and outlook signals a sea change in the semiconductor market following Intel Corp.’s announced delays of next-generation chips last week.“The sector heavily underperformed the broader retail industry in 2019, despite continued investments and offering updates.”Even with the anticipated changes, experts say there’s more to be desired.“Digging deeper, the average neighborhood brick-and-mortar store being closed generates $11.2 million in sales per box, or 60% below the fleet average by our work, and 80% below the current Growth 150 brick-and-mortar store base,” JPMorgan wrote.“Macy’s has continued to pursue a conservative financial policy by reducing debt by in excess of $2.7 billion in the past three years, which has provided support to its credit profile in the face of weakening operating performance,” Moody’s Boni said in a Wednesday morning comment.Macy’s is guiding for fiscal 2020 sales of $23.6 billion to $23.9 billion, adjusted earnings per share, excluding asset sale gains of $2.20 to $2.40, a 1.5% to 2.5% same-store sales decline in an owned-plus-licensed basis and, on an owned basis, same-store sales that are about 40 basis points better.Macy’s Inc. announced on Tuesday that it will close about 125 underperforming stores over the next three years, and figures provided by JPMorgan analysts indicate just how unproductive those locations are the chopping block actually are.Making deep cuts is also a good idea because it’ll allow the company to take a few necessary risks, according to Jonathan Treiber, chief executive of RevTrax, a platform that manages special offers and discounts.Moreover, the company talked about expanding what it calls the “Growth treatment,” which includes store revamps, technology improvements and local marketing. Big cuts are coming to Macy's. Rivergate representatives tell us Macy's owns their respective building and parking lot. Charisse Jones. USA TODAY. Macy’s stock was up roughly 3% on Wednesday following the news regarding store closures. Moody’s backs that up.“Following a weak 2019, department stores must radically accelerate changes to their format and product offering in 2020,” wrote Moody’s analysts led by Christina Boni, a vice president with the group, in a report published Jan. 15.“There’s got to be some value for why you’d go to a Macy’s,” said Stephen Beck, founder of cg42, a management consulting firm.
Returns as of 07/30/2020.An even more striking aspect of Macy's 2020 store closure program is that it is set to pull back dramatically in small markets. This doesn’t include jobs that will be lost to store closures and staff adjustments in remaining stores.“The bigger issue is whether Macy’s needs a rebrand and whether Macy’s will carry brand value for those marketplace participants, or will the Macy’s brand be a deterrent for upstart brands to want to get involved,” he said.Macy’s has also announced a new, smaller store format that will open in Dallas on Feb. 6. MarketWatch …
The company’s stock is down 40% over the past 12 months, and down 50% over the last three years.
T he downtown Seattle Macy’s will close its doors for good in February, ending 90 years of retail at 300 Pine Street. The company’s stock is down 40% over the past 12 months, and down 50% over the last three years.
Macy's is closing 30 stores in early 2020. Macy's will likely try to sell the real estate quickly (provided it can get decent prices), generating cash that it can use to continue paying down debt and funding investments in the business.Unfortunately, following a rebound in sales and earnings trends that began in late 2017, Macy's has come under renewed pressure over the past year. Its momentum continued in the first three quarters of fiscal 2018 as comparable-store sales rose 2.7% year over year. Their steady downward trend in performance means it's no longer economically viable to keep these stores open just to serve Macy's e-commerce business.Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.For the most part, these are small cities with fewer than 150,000 residents in the metro area. Image source: Macy's.These stores don't generate enough sales or profit to justify major investments that might turn the tide. Now you can get quality at a lot of different places and variety can be had at home at your fingertips.”Advanced Micro Devices Inc.’s stock surges to fresh records Wednesday after the chip company’s strong second quarter and outlook signals a sea change in the semiconductor market following Intel Corp.’s announced delays of next-generation chips last week.“The sector heavily underperformed the broader retail industry in 2019, despite continued investments and offering updates.”Even with the anticipated changes, experts say there’s more to be desired.“Digging deeper, the average neighborhood brick-and-mortar store being closed generates $11.2 million in sales per box, or 60% below the fleet average by our work, and 80% below the current Growth 150 brick-and-mortar store base,” JPMorgan wrote.“Macy’s has continued to pursue a conservative financial policy by reducing debt by in excess of $2.7 billion in the past three years, which has provided support to its credit profile in the face of weakening operating performance,” Moody’s Boni said in a Wednesday morning comment.Macy’s is guiding for fiscal 2020 sales of $23.6 billion to $23.9 billion, adjusted earnings per share, excluding asset sale gains of $2.20 to $2.40, a 1.5% to 2.5% same-store sales decline in an owned-plus-licensed basis and, on an owned basis, same-store sales that are about 40 basis points better.Macy’s Inc. announced on Tuesday that it will close about 125 underperforming stores over the next three years, and figures provided by JPMorgan analysts indicate just how unproductive those locations are the chopping block actually are.Making deep cuts is also a good idea because it’ll allow the company to take a few necessary risks, according to Jonathan Treiber, chief executive of RevTrax, a platform that manages special offers and discounts.Moreover, the company talked about expanding what it calls the “Growth treatment,” which includes store revamps, technology improvements and local marketing. Big cuts are coming to Macy's. Rivergate representatives tell us Macy's owns their respective building and parking lot. Charisse Jones. USA TODAY. Macy’s stock was up roughly 3% on Wednesday following the news regarding store closures. Moody’s backs that up.“Following a weak 2019, department stores must radically accelerate changes to their format and product offering in 2020,” wrote Moody’s analysts led by Christina Boni, a vice president with the group, in a report published Jan. 15.“There’s got to be some value for why you’d go to a Macy’s,” said Stephen Beck, founder of cg42, a management consulting firm.
Returns as of 07/30/2020.An even more striking aspect of Macy's 2020 store closure program is that it is set to pull back dramatically in small markets. This doesn’t include jobs that will be lost to store closures and staff adjustments in remaining stores.“The bigger issue is whether Macy’s needs a rebrand and whether Macy’s will carry brand value for those marketplace participants, or will the Macy’s brand be a deterrent for upstart brands to want to get involved,” he said.Macy’s has also announced a new, smaller store format that will open in Dallas on Feb. 6. MarketWatch …
The company’s stock is down 40% over the past 12 months, and down 50% over the last three years.