6.71 +0.08 (1.21%)
After hours: 7:59PM EDT
|Bid||6.60 x 4000|
|Ask||6.62 x 21500|
|Day's range||6.43 - 6.81|
|52-week range||4.38 - 23.40|
|Beta (5Y monthly)||1.60|
|PE ratio (TTM)||N/A|
|Earnings date||12 Aug 2020 - 17 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||12 Mar 2020|
|1y target est||6.62|
T-Mobile, Macy's, JPMorgan Chase, Delta Air Lines and MCHI highlighted as Zacks Bull and Bear of the Day
Like most businesses, Macy's (NYSE: M) is experiencing significant disruptions in its operations because of the COVID-19 pandemic. Macy's started reopening stores on May 4. Macy's is adjusting its Polaris strategy.
Macy's (NYSE: M) shares fell 60% in the first six months of the year, according to data from S&P Global Market Intelligence, as the company was hit hard by the coronavirus pandemic. The department store chain was forced to sharply cut back on expenses, take on more debt, and pause its turnaround as stores closed for several weeks. With a heavy real estate footprint and a business largely dependent on apparel sales, which come with a distinct set of challenges during the lockdown, Macy's is struggling to manage its way through the crisis.
In this week's episode of Influencers, Andy is joined by Avenue Capital Group CEO and Milwaukee Bucks Co-Owner, Marc Lasry, as they discuss the pandemic's impact on the global economy, why he's throwing his support behind Joe Biden, and the return of the NBA.
Avenue Capital Group CEO and legendary investor, Marc Lasry, joins 'Influencers with Andy Serwer' to discuss the 2020 Presidential race.
Avenue Capital Group CEO and legendary investor, Marc Lasry, joins 'Influencers with Andy Serwer' to discuss the pandemic's impact on the global economy.
With me on the call today are Jeff Gennette, our Chairman and CEO; and Felicia Williams, our Interim CFO. Jeff and Felicia have several prepared remarks to share after which we'll host a question-and-answer session.
Macy’s Inc posted a $3.58 billion loss as the coronavirus-induced lockdown hit its first-quarter sales, leading to a record $3 billion impairment charge.
Macy’s lost a jaw-dropping $3.58 billion in the first quarter -that’s nearly four times as large as the company warned. The department store chain Wednesday blamed the much wider-than-expected loss on the two-month retail shutdown that slashed its quarterly sales in half. Lost sales forced retailers to tap credit lines and let go of staff. Last week, Macy's announced it would lay off 3900 employees in management and back office positions. The retailer’s dire results come as some of its peers, including J Crew, J.C. Penney and Neiman Marcus Group, have filed for bankruptcy after failing to cope with market uncertainties and mounting debt. Shares of Macy’s were down in Wednesday trading.
Macy's (NYSE: M) issued first-quarter earnings results on Wednesday that showed mounting pressure on its retail business from the COVID-19 pandemic. Sales fell by more than half, as the company had warned in previous announcements, but the department store giant also revealed massive impairment charges even as its stores reopened for business. "The first quarter of 2020 was challenging for the country, the industry, and Macy's," CEO Jeff Gennette said in a press release.
Macy’s, Inc. (NYSE:M) today reported results for the first quarter of 2020. As previously reported, the company had net sales of $3.017 billion.
US department store chain Macy’s will cut about 3,900 jobs as part of a restructuring to help it cope with the effect of store closures during the pandemic. The cutbacks to administrative and management roles are expected to save the company $365m in the current financial year and $630m a year thereafter. Macy’s said it had also reduced staffing across its stores, supply chain and customer support network, but that it could reinstate these as sales recovered.
It is gearing up to be a busy Wednesday, and investors will be turning their attention to the ADP June private employment report, the Institute for Supply Management’s (ISM) manufacturing index reading for June and Macy’s quarterly results.
Maybe Lululemon didn't overpay for Mirror, judging by the data.
The advent of COVID-19 in the United States caught store chains' buyers by surprise and left them stuck with too many goods that are now tough to sell.
It will be a shortened trading week with major markets closed Friday in observance of the Fourth of July holiday. Investors will be closely monitoring the recent resurgence in COVID-19 cases across a handful of states and the big June jobs report due out Thursday.
(Bloomberg Opinion) -- There was no way Nike Inc.’s latest quarterly earnings were going to be unabashedly upbeat. Widespread store closures and consumer caution related to the coronavirus pandemic made it inevitable that sales in the crucial U.S. market would be decimated. But even with relatively low expectations, Nike managed to disappoint investors. The athletic-apparel giant reported revenue of $6.31 billion, a 38% decrease from a year earlier that was far below analysts’ expectations of $7.38 billion. The company swung to a loss of 51 cents per share, nowhere near the 10 cents per share of earnings that analysts had estimated.These results should worry every U.S. apparel industry executive. Nike has unique advantages that many of its rivals and retail partners don’t enjoy in this tumultuous moment. So if even mighty Nike struggled this much, weaker players are bound to have it even worse. As a whole, clothing stores have suffered more than just about any other corner of the retail industry as a result of the pandemic. Sales to this kind of business in the U.S. fell 87% in April and 63% in May from a year earlier. But sales of workout gear — which can double as a comfy work-from-home attire — didn’t appear to experience quite the evaporation of customer demand that, say, fancy dresses and suits did when shoppers were stuck at home. It’s not just that sweatpants rule our wardrobes right now. The Nike brand is among the most potent on earth, a fact that shows up in everything from its industry-leading net promoter scores to outsize levels of engagement with its Instagram content. As I’ve written previously, many clothing behemoths were walking wounded coming into this crisis, saddled with tarnished brands, heavy debt loads, or both. That’s not true for Nike, which has kept things fresh with product innovation and robust digital operation and maintains ample liquidity.While many U.S.-only or U.S.-centric clothiers only began to seriously grapple with the coronavirus crisis in March, Nike’s large China presence meant that, by necessity, it had to start thinking earlier about how to adapt, including by shifting inventory to accommodate e-commerce demand and developing protocols to reopen stores. In theory, that should’ve given it a leg up in developing a strategy as the pandemic moved to the U.S., Europe and beyond. That Nike still struggled as much as it did — and felt the need to move in March to suspend share buybacks — shows just how punishing the current business environment is, especially for apparel sellers. It’s why I expect we’ll continue to see announcements like the one made earlier Thursday by Macy’s Inc. that it was cutting 3,900 corporate jobs in a bid to lower costs after the pandemic walloped its business. Even though Nike will surely see some relief in the current quarter from having the vast majority of its global stores reopened, it still has some unique coronavirus-related challenges ahead. The Olympics are typically a huge marketing stage for its sneakers and apparel, so the postponement of the summer games to 2021 deprives it of a key opportunity to hype its brand. Couple that with a recession that will cause shoppers to tighten their purse strings, and you can be sure apparel retailers are in for an ugly rest of the year — Nike included. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- A higher-than-expected number of Americans sought unemployment benefits for a second week, signaling a slowdown in U.S. labor-market improvement.Initial jobless claims in regular state programs fell by 60,000 to 1.48 million last week from an upwardly revised figure the prior week, Labor Department data showed Thursday. Economists surveyed by Bloomberg News had forecast 1.32 million initial claims.Continuing claims, a closely watched figure that tracks the overall pool of recipients, declined by more than forecast to 19.5 million in the week ended June 13.“Even though you’re obviously getting a lot of people rehired, the people being laid off is eating into that quite a bit,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. “What you’re seeing is a second leg of layoffs. Now it’s not just the service sector being shut down. Now it’s businesses saying, ‘Well, I don’t need all these people.’”Read more: Bloomberg’s TOPLive blog on Thursday’s economic dataU.S. stocks fluctuated, while Treasuries and the dollar were higher on the day as markets focused on a separate report Thursday that showed orders for durable goods and business equipment jumped in May by more than forecast.The unemployment figures underscore the risks to the recovery from deep labor-market damage across the country. While states have largely eased restrictions on businesses and some consumer demand has returned to support those jobs, virus cases have been resurgent in many large states and consumer spending remains subdued compared with pre-pandemic levels.Some of the job losses are emerging from the largest U.S. companies as they adjust to an economy and consumers reshaped by the pandemic. Macy’s Inc. announced Thursday that it will cut about 3,900 corporate and management jobs to slash costs in an effort to weather the long-term effects on the reeling retail sector.“Unless the job market starts healing much more quickly, the V-shape recovery” will contain “just an initial bounce -- and then economic activity will start to level off,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics.Even so, economists generally expect continued improvement in the hard-hit labor market; the government’s monthly jobs report next week is projected to show employers added 3 million workers to payrolls in June, following 2.5 million in May.Read more:U.S. Recovery Looks to Be Ebbing in States With Virus OutbreaksIMF Projects Deeper Global Recession on Growing Virus ThreatAmericans Are Avoiding Stores Again in New Virus Hot SpotsU.S. June Jobless Rate Falls 2 Percentage Points in Yale SurveyOn an unadjusted basis, initial claims fell by just 6,000, the smallest drop of the pandemic. California had the largest increase in initial jobless claims last week, with a 45,900 unadjusted rise. Other states with significant increases included Arizona, Florida, Indiana, Maryland, Kansas, New Jersey, Nevada, Pennsylvania and Washington.The largest decrease occurred in Oklahoma, with a 35,600 drop. Kentucky, Oregon and New York also saw big drops.Progress could potentially reverse in the virus hotspot of Texas, where initial claims declined by 5,500 last week. Governor Greg Abbott on Thursday halted new phases of reopening the economy in the second most-populous state, citing a surge in Covid-19 cases and hospitalizations.Another measure that considers total claims under all programs -- which includes the federal Pandemic Unemployment Assistance program aimed at self-employed and gig workers -- increased to an unadjusted 30.6 million in the week ended June 6. The figure includes 11 million people on PUA benefits, compared with 18.3 million on regular state benefits.What Our Economists Say“Jobless claims are still stubbornly high, but the downward trend may accelerate after the augmented ($600 per week) benefit expires at the end of July... As the economy relaxed lockdowns, the drop in continuing claims is an encouraging sign that more Americans are returning to work and that reduced slack in the labor market is slowly forming.”\-- Eliza WingerRead more for the full reaction note.Initial claims under PUA totaled 728,120 in the week ended June 20, down from 770,920 the prior week.Commerce Department figures on Thursday showed U.S. orders for durable goods jumped 15.8% in May, the most in nearly six years as nationwide reopenings rekindled demand for a broad range of merchandise and equipment.At the same time, another report showed U.S. merchandise exports sank in May to the lowest in more than a decade while imports dropped.(Adds economist comment, Texas developments)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Macy’s Inc. announced plans to slash thousands of back-office jobs in a striking admission that the reeling retail sector won’t be returning to the good old days anytime soon.The restructuring, including the elimination of about 3,900 corporate and management jobs, is expected to save the company $365 million this fiscal year, then about $630 million a year going forward, it said in a statement.“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” Chief Executive Officer Jeff Gennette said.Shares fell as much as 4.2% in New York. The stock was already down 60% this year, compared with a 5.6% decline in the S&P 500 Index.The job cuts are in addition to the staff reductions taking place inside stores, along the Macy’s supply chain and in customer support roles. The new round of corporate layoffs adds to fears that many of the measures taken to temporarily furlough employees in the early stages of the pandemic are becoming permanent. In the wider retail sector, the vast majority of layoffs and furloughs have been at the store level as physical locations remained closed for weeks or months at the onset of the pandemic. But those job cuts have started to trickle up to companies’ headquarters and corporate outposts as well. Gap Inc. laid off at least 10% of its corporate employees, according to Business of Fashion, while Dow Jones reported this week a culling at Barnes & Noble Inc.’s New York head office.“The reality is that everything is changing, everything is evolving and figuring out how to adapt, how to operate on a smaller base means figuring out how to operate more efficiently at the top,” said Simeon Siegel, retail analyst at BMO Capital Markets. “If a business expects to shrink, it needs to address its corporate makeup as well.”Earlier RestructuringEven before the pandemic took off in the U.S., Macy’s had taken steps to slim down. The chain in February as part of its turnaround Polaris strategy said it was cutting about 9% of its workforce, or 2,000 jobs.“Earlier in the year, we announced our Polaris strategy which included major structural changes across the organization. At the time, I was confident that these changes positioned our business for success. Then, a month later, the Covid-19 pandemic hit,” Gennette wrote in an email to staff, obtained by Bloomberg News. “And with that, everything changed.”With Sinatra and Sanitizer, Bloomingdale’s Is Back: NYC ReopensThe fresh layoff news comes just two weeks after the department-store chain heartened investors by announcing it had reopened 450 stores in some capacity and expected to exit the second quarter with a “clean inventory position.” Gennette said at the time reopened stores are performing better than anticipated, initially sending shares soaring.But share prices have sunk since then, as customers in some markets continue to avoid large indoor retail spaces in favor of online ordering, local businesses or -- to the fear of many retailers -- not spending money on non-essentials at all. The U.S. savings rate hit an all-time high of 33% in April thanks mostly to Covid-19-induced business closures, and some of that frugality seems to be persisting.‘Decimated’ Sales“Macy’s has done corporate restructuring in the past and having sales essentially decimated from the pandemic may have forced them to look closer at their cost structure, removing excess costs,” said Poonam Goyal, retail analyst at Bloomberg Intelligence. “Even though stores are reopening, sales aren’t where they used to be. They have to find ways to reduce costs because that’s the one thing that they can control.”“We do expect other companies to look at their cost structure more closely during the pandemic,” she added.Macy’s had already been taking steps to shore up access to capital, including leveraging up on new debt. Earlier this month, the company announced a credit line of $3.15 billion backed by its inventories. Including an earlier bond sale, the department-store operator said it had secured $4.5 billion of total new financing.The company will take a pre-tax cash charge of about $180 million related to the restructuring, mostly in the second quarter. Macy’s also said those workers coming back from furlough will begin to return starting the week of July 5. The company had 123,000 workers at the end of last year, according to a filing.(Updates with shares trading, analyst quote)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.