|Bid||6.50 x 29200|
|Ask||6.51 x 3100|
|Day's range||6.46 - 6.82|
|52-week range||4.38 - 23.40|
|Beta (5Y monthly)||1.60|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||12 Mar 2020|
|1y target est||N/A|
Macy’s, Inc. (NYSE: M) ("Macy’s") announced today that its wholly-owned subsidiary, Macy’s Retail Holdings, LLC ("MRH"), has received the requisite number of consents to adopt certain proposed amendments with respect to the Old Notes (as defined below) and is extending the early tender date (the "Early Tender Date") for its previously announced offers to eligible holders to exchange (each, an "Exchange Offer" and, collectively, the "Exchange Offers") (i) new 6.65% Senior Secured Debentures due 2024 ("New 2024 Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.65% Senior Debentures due 2024 issued by MRH ("Old 2024 Notes"), (ii) new 6.7% Senior Secured Debentures due 2028 ("New 2028 Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2028 issued by MRH ("Old 2028 Notes"), (iii) new 8.75% Senior Secured Debentures due 2029 ("New 2029 Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 8.75% Senior Debentures due 2029 issued by MRH ("Old 2029 Notes"), (iv) new 7.875% Senior Secured Debentures due 2030 ("New 2030 Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 7.875% Senior Debentures due 2030 issued by MRH ("Old 2030 Notes"), (v) new 6.9% Senior Secured Debentures due 2032 ("New 2032 Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.9% Senior Debentures due 2032 issued by MRH ("Old 2032 Notes"), and (vi) new 6.7% Senior Secured Debentures due 2034 ("New 2034 Notes" and, together with the New 2024 Notes, New 2028 Notes, New 2029 Notes, New 2030 Notes and New 2032 Notes, the "New Notes" and each series, a "series of New Notes") to be issued by MRH for validly tendered (and not validly withdrawn) outstanding 6.7% Senior Debentures due 2034 issued by MRH ("Old 2034 Notes" and, together with the Old 2024 Notes, Old 2028 Notes, Old 2029 Notes, Old 2030 Notes and Old 2032 Notes, the "Old Notes" and each series, a "series of Old Notes").
Storied menswear retailer Brooks Brothers announced this week that it is seeking Chapter 11 bankruptcy protection, while it reorganizes and looks for a buyer. Many other companies that were struggling even before the COVID-19 crisis might be on their way toward a similar outcome -- and in this industry, Macy's (NYSE: M) could be next. Macy's was once one of the biggest names in retail, given its huge footprint with hundreds of department stores, most of them mall anchors.
As was expected, Macy's (NYSE: M) didn't have a great go of it during the first quarter of fiscal 2020, which ended on May 2. It would be easy to chalk up Macy's latest struggles to COVID-19, but the chain's woes predate this latest crisis. The department store business model can't break out of the long and slow death spiral it's been stuck in, especially as the world pivots to digital sales and renders many real estate-heavy operations redundant.
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.
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.
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.
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.
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.
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.