Tag: $Macy’s

Macy’s posted second-quarter earnings Wednesday that easily topped Wall Street’s expectations, as it said revamped stores helped sales trends.

Shares of Macy’s were falling in premarket trading Thursday after the department store owner reported a mixed fourth quarter and issued soft guidance for the current fiscal year.

Macy’s Inc. issued a slightly more downbeat outlook for sales in the current quarter, a sign that executives might have been too optimistic about their expectations for a solid holiday shopping season. America’s largest department-store operator said it’s forecasting net sales in the current quarter to be at or slightly below the $7.8 billion to $8 billion executives were expecting as of last month.

Last year, Macy’s announced it was closing 150 underperforming stores by 2026, shrinking its footprint to about 350 locations when the plan is finished. The 66 store closings revealed Thursday are included in that multiyear initiative. But, until now, Macy’s had not publicized which stores were set to close.

Macy’s on Wednesday cut its annual profit forecast, sending shares down 10% as weak demand at its nameplate stores clouds its expectations for the crucial holiday shopping season.

Macy’s on Monday delayed the publication of its third-quarter results due to an accounting issue tied to delivery expenses and instead posted preliminary results in which its sales missed Wall Street expectations.

Macy’s lowered its annual net sales forecast on Wednesday, blaming higher promotions and weak demand for upscale apparel and accessories from deal-hungry consumers in the U.S., sending shares of the department store operator down 7% premarket.

Macy’s  said on Monday it has terminated discussions with Arkhouse Management and Brigade Capital, citing that the revised proposal to buy the department store chain lacks certainty of financing and does not provide compelling value.

Macy’s fiscal first-quarter sales dipped from a year ago, but earnings barreled through Wall Street’s expectations as the company’s turnaround plan starts “gaining traction.”

Arkhouse Management ended its proxy contest against Macy’s after the department store agreed to appoint two of the investment firm’s director nominees to its board.

Arkhouse Management, a real-estate-focused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy’s after the department store chain rebuffed their prior proposal as too low.

Macy’s said sales fell nearly 2% in the holiday quarter and forecast another year of stagnant sales.

Macy’s said on Sunday it had rejected Arkhouse Management and partner Brigade Capital Management’s $5.8 billion proposal to take the department store operator private, citing concerns over deal financing and valuation.

 U.S. department store chain Macy’s (M.N), opens new tab is cutting 2,350 jobs and closing five stores, as it aims to streamline its operations, a company spokesperson told Reuters on Thursday.

Macy’s Inc. shares soared early Monday after a report that an investor group is seeking to buy the department-store chain for nearly $6 billion and take it private.

Nov 16 (Reuters) – Macy’s on Thursday crushed analysts’ estimates for quarterly profit as the department store operator’s margins benefited from better inventory management and lower freight costs, sending its shares up about 8% premarket.

Macy’s will open up to 30 more stores in strip centers, as it thinks outside of the shopping mall.

Macy’s delivered better-than-expected second-quarter earnings but said it was taking a cautious approach to guidance given the ongoing macroeconomic pressures facing consumers.

Macy’s shares fell on Thursday, as the retailer slashed its full-year outlook and said it saw sales significantly weaken in late March.