Morningstar

Morningstar, Inc.

Equity Bottom-Up

We believe no-moat Macy’s is struggling to stay relevant, as consumers have many choices. We think its large fleet of almost 700 full-line stores that average about 180,000 square feet limits its options. While Macy’s operates stores in most top-tier U.S. malls, it also operates hundreds of stores in weaker malls. It does not need its vast selling space, as department stores have been losing market share to e-commerce (Amazon is reportedly the largest U.S. apparel retailer) and other retailers…

Macy’s 2019 first-quarter same-store sales of 0.7% surpassed our forecast of 0.4% and the consensus forecast of a 0.2% decline. While concerns have arisen surrounding post-holiday discounting of excess inventory, we think the situation was largely resolved by early-2019. Although Macy’s first-quarter EPS of $0.44 beat our estimate of $0.38, the difference was mainly attributable to asset sales that were $13 million above our forecast. We continue to expect flat revenue in 2019 and believe Macy’s…

United States

Macy's, Inc. operates department stores in the United States.  The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

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