Macy's Selling Top Half Of State Street Store For $30 Million

Macy's Selling Top Half Of State Street Store For $30 Million

It issued an upbeat outlook.

Macy's and other department stores are trying to regroup as shoppers spend more online and on items other than the clothing on which the chains are very dependent.

For a brick-and-mortar retailer, a key performance metric is same-store sales.

While the Macy's numbers provide some cheer, they don't suggest a "miracle on 34th Street", said Neil Saunders, managing director of GlobalData Retail.

Macy's has inevitably lost market share as it closes stores as part of a massive reduction in its overbuilt footprint, but that is starting to yield some serious cash.

Same store sales at Macy's increased 1.4% in the fourth quarter ended February 3, reversing a string of comp declines.

The company beat EPS and met revenue estimates for 2017 and guided 2018 EPS well above analysts' expectation. J.C. Penney (JCP) was up 1%, erasing big intraday gains.

The company now has an insider ownership of 2.09 Percent and Institutional ownership of 91.9 Percent. The move would allow the chain to make changes without the demands of the public markets.

Gross margin, which measures how much the company makes on each dollar of sales, slipped slightly to 38.2 percent in the fourth quarter from 38.3 percent a year earlier.

The shopping-mall anchor said Tuesday that comparable sales grew 1.4 percent in the most recent quarter while revenue rose 1.8 percent to $8.67 billion.

Merchandise sales, excluding CDI, were $2.03 billion, up 7 percent from $1.90 billion during the same time in during the previous fiscal year.

Unveiled in May of a year ago, the North Star Strategy is a five-pronged plan that encompasses the use of technology to enhance the overall customer experience, securing adequate funding for initiatives and restoring Macy's prior dominance as a trendsetter and fashion-leader.

The company aims to return to strong same-store sales growth this year, Gennette said. Macy's estimates the sale value to be about $50 million.

"Our customers have responded well to the increased focus on fashion and enhanced quality of the merchandise", Jeffrey Gennette, chief executive of Macy's, said in a call with analysts on Tuesday. The company has also been testing new initiatives like mobile checkout, new lighting and fixtures at its Woodbridge, New Jersey store.

To many shoppers, the store has been dying a slow death ever since the Marshall Field's name was removed. Brookfield plans to convert these largely unused floors into office space.

After selling its men's store in San Francisco, Macy's is now exploring options to sell the stand-alone portion of its Union Square location - about 240,000 square - that was previously an I. Magnin store before it was integrated into the current layout.

Analysts polled by Thomson Reuters expected Macy's to report income of $ 2.71 per share on revenue of $ 8.68 billion for the fourth quarter. Though the top line fell short of analyst expectations of $8.68 billion, the bottom line was better than the anticipated earnings of $2.71 per share of Macy's stock. The company reported back in January that comparable sales were up 1 per cent during the November and December holiday rush from a year earlier, foretelling the full quarter's increase. Macy's updated its FY19 guidance to $3.55-3.75 EPS.



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