Macy's (NYSE:M) Stock

Macy's

Founded in 1858 and based in New York City, Macy's operates about 500 stores under the Macy's nameplate, nearly 60 stores under the Bloomingdale's (full-price and outlet) and Bloomie's nameplates, and more than 160 freestanding Bluemercury specialty beauty stores. Macy's also operates e-commerce sites and licenses Bloomingdale's stores in the United Arab Emirates and Kuwait. Women's apparel, accessories, shoes, cosmetics, and fragrances constituted 62% of Macy's 2023 sales.

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David Tepper&#39;s hedge fund, Appaloosa LP, has made significant alterations to its portfolio.

David Tepper&#39;s Appaloosa Revamps Portfolio, Cuts Down On Semiconductor Stocks

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Macy&#39;s updates its fiscal Q4 guidance, revealing strong growth in its First 50 stores and luxury segments, while non-First 50 locations underperformed. The company sees net sales near the lower end of $7.8 billion to $8.0 billion.

Why Is Department Store Chain Macy&#39;s Stock Sliding Today?

Macy&#39;s revealed plans to close 66 stores as part of its &#34;Bold New Chapter&#34; strategy. The company aims to eliminate underperforming locations and focus on its successful stores. 

Macy&#39;s Shuts Down 66 Locations As Part Of New Chapter Strategy

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This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Consumer Discretionary sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BABA</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/28/25</td>
<td>$130.00</td>
<td>$25.9K</td>
<td>170</td>
<td>12.6K</td>
</tr>
<tr>
<td>GT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$8.00</td>
<td>$354.0K</td>
<td>11.6K</td>
<td>5.9K</td>
</tr>
<tr>
<td>M</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$15.50</td>
<td>$26.2K</td>
<td>3.1K</td>
<td>4.0K</td>
</tr>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$215.00</td>
<td>$43.7K</td>
<td>7.5K</td>
<td>1.9K</td>
</tr>
<tr>
<td>SWBI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$11.00</td>
<td>$44.5K</td>
<td>2.0K</td>
<td>601</td>
</tr>
<tr>
<td>PDD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/28/25</td>
<td>$135.00</td>
<td>$37.8K</td>
<td>0</td>
<td>502</td>
</tr>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/18/26</td>
<td>$240.00</td>
<td>$1.5 million</td>
<td>3.2K</td>
<td>304</td>
</tr>
<tr>
<td>ANF</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>03/07/25</td>
<td>$100.00</td>
<td>$93.7K</td>
<td>107</td>
<td>177</td>
</tr>
<tr>
<td>MELI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$2100.00</td>
<td>$49.0K</td>
<td>235</td>
<td>167</td>
</tr>
<tr>
<td>DASH</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$190.00</td>
<td>$33.1K</td>
<td>160</td>
<td>34</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding BABA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), we observe a put option trade with bearish sentiment. It expires in 8 day(s) on February 28, 2025. Parties traded 100 contract(s) at a $130.00 strike. The total cost received by the writing party (or parties) was $25.9K, with a price of $259.0 per contract. There were 170 open contracts at this strike prior to today, and today 12649 contract(s) were bought and sold. 
• For GT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>), we notice a put option trade that happens to be bullish, expiring in 330 day(s) on January 16, 2026. This event was a transfer of 5900 contract(s) at a $8.00 strike. The total cost received by the writing party (or parties) was $354.0K, with a price of $60.0 per contract. There were 11630 open contracts at this strike prior to today, and today 5901 contract(s) were bought and sold. 
• Regarding M (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>), we observe a call option sweep with bearish sentiment. It expires in 1 day(s) on February 21, 2025. Parties traded 1456 contract(s) at a $15.50 strike. This particular call needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $26.2K, with a price of $18.0 per contract. There were 3126 open contracts at this strike prior to today, and today 4011 contract(s) were bought and sold. 
• Regarding AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we observe a call option sweep with bearish sentiment. It expires in 1 day(s) on February 21, 2025. Parties traded 55 contract(s) at a $215.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $43.7K, with a price of $795.0 per contract. There were 7579 open contracts at this strike prior to today, and today 1975 contract(s) were bought and sold. 
• Regarding SWBI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>), we observe a call option trade with bullish sentiment. It expires in 29 day(s) on March 21, 2025. Parties traded 594 contract(s) at a $11.00 strike. The total cost received by the writing party (or parties) was $44.5K, with a price of $75.0 per contract. There were 2060 open contracts at this strike prior to today, and today 601 contract(s) were bought and sold. 
• For PDD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), we notice a put option sweep that happens to be bearish, expiring in 36 day(s) on March 28, 2025. This event was a transfer of 25 contract(s) at a $135.00 strike. This particular put needed to be split into 25 different trades to become filled. The total cost received by the writing party (or parties) was $37.8K, with a price of $1515.0 per contract. There were 0 open contracts at this strike prior to today, and today 502 contract(s) were bought and sold. 
• Regarding TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we observe a call option trade with bullish sentiment. It expires in 483 day(s) on June 18, 2026. Parties traded 100 contract(s) at a $240.00 strike. The total cost received by the writing party (or parties) was $1.5 million, with a price of $15445.0 per contract. There were 3264 open contracts at this strike prior to today, and today 304 contract(s) were bought and sold. 
• For ANF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>), we notice a put option trade that happens to be neutral, expiring in 15 day(s) on March 7, 2025. This event was a transfer of 150 contract(s) at a $100.00 strike. The total cost received by the writing party (or parties) was $93.7K, with a price of $625.0 per contract. There were 107 open contracts at this strike prior to today, and today 177 contract(s) were bought and sold. 
• Regarding MELI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), we observe a call option trade with bearish sentiment. It expires in 29 day(s) on March 21, 2025. Parties traded 5 contract(s) at a $2100.00 strike. The total cost received by the writing party (or parties) was $49.0K, with a price of $9800.0 per contract. There were 235 open contracts at this strike prior to today, and today 167 contract(s) were bought and sold. 
• For DASH (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>), we notice a put option sweep that happens to be bearish, expiring in 120 day(s) on June 20, 2025. This event was a transfer of 31 contract(s) at a $190.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $33.1K, with a price of $1070.0 per contract. There were 160 open contracts at this strike prior to today, and today 34 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

DASH

MELI

SWBI

TSLA

10 Consumer Discretionary Stocks With Whale Alerts In Today's Session

In a recent shift of investment strategy,&nbsp;David Tepper&#8216;s hedge fund,&nbsp;Appaloosa LP, has made significant alterations to its portfolio. 
What Happened: The firm&#8217;s latest 13F filing reveals a reduction in semiconductor holdings, while stakes in other tech stocks, including&nbsp;Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) and the&nbsp;ARK Innovation ETF (ARKK), have been increased.
Appaloosa LP, during&nbsp;the fourth quarter of 2023,&nbsp;purchased&nbsp;1.3 million shares in Oracle&nbsp;Corp worth approximately&nbsp;$140 million and a call&nbsp;option for nearly&nbsp;2.6 million shares of the&nbsp;ARK Innovation ETF valued at over $133 million. The hedge fund also established&nbsp;new positions in FMC Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>) and General Motors Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>).
Investments were also made&nbsp;in the home improvement, construction,&nbsp;and building materials sectors, with the acquisition of shares in firms such as Masco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>), Mohawk Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>), and Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>).
According to a report <a href="https://www.investopedia.com/tepper-appaloosa-13f-q4-2023-8580346">by </a>Investopedia, Appaloosa reduced its positions in&nbsp;several tech firms, including Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>),&nbsp;Alphabet Class C stock (GOOG),&nbsp;Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), and&nbsp;Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).&nbsp;The largest sell-off involved&nbsp;nearly 1.7 million shares of&nbsp;Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>).
Also Read: <a href="https://www.benzinga.com/markets/equities/25/02/43746268/david-tepper-rausing-family-boost-nvidia-holdings-ahead-of-stock-volatility">David Tepper, Rausing Family Boost Nvidia Holdings Ahead Of Stock Volatility</a>
Outside of tech, the fund sold off shares in KE Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>), Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>), and PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>). On the flip side, Appaloosa added to its existing positions in Caesars Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>), MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
The hedge fund also&nbsp;exited two positions entirely in&nbsp;the fourth quarter, selling off&nbsp;shares of Arista Networks (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)&nbsp;and Enterprise Products Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>).
Why It Matters: Appaloosa&#8217;s portfolio reshuffle indicates a strategic shift towards diversification. The reduction in semiconductor holdings comes amidst a global chip shortage, potentially signaling a cautious approach. 
The increased stakes in other tech stocks and the home improvement sector suggest a focus on industries that have shown resilience during the pandemic. The fund&#8217;s&nbsp;new positions in FMC Corp.&nbsp;and General Motors Co. indicate a bet on the agrochemical and automotive industries, respectively. 
The sell-offs, on the other hand, might reflect an attempt to mitigate risks associated with specific stocks or sectors.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/earnings-beats/25/02/43740996/palo-alto-analysts-optimistic-on-revenue-growth-expanding-market-share" target="_blank" rel="noreferrer noopener">Palo Alto Analysts Optimistic On Revenue Growth, Expanding Market Share</a></li>
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Image: Shutterstock

David Tepper's Appaloosa Revamps Portfolio, Cuts Down On Semiconductor Stocks

&nbsp;Shares of retail stocks are trading lower as investors evaluate U.S. tariff risks which may negatively impact industry revenues.&nbsp;
&nbsp;Shares of retail stocks are trading lower as investors evaluate U.S. tariff risks which may negatively impact industry revenues.&nbsp;

WIIM

BGFV

BURL

CANG

DLTR

FIVE

LULU

PLCE

REAL

SFIX

SHOO

ULTA

Shares of retail and apparel stocks are trading lower as investors evaluate U.S. tariff risks which may hinder industry sales.

Providing a diverse range of perspectives from bullish to bearish, 8 analysts have published ratings on Macy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) in the last three months.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">5</td>
<td align="right">0</td>
<td align="right">1</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">1</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Macy's, presenting an average target of $16.62, a high estimate of $20.00, and a low estimate of $9.00. This current average reflects an increase of 0.3% from the previous average price target of $16.57. 
<img src="https://www.benzinga.com/files/images/story/2025/1736856053_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The standing of Macy's among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dana Telsey</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Market Perform</td>
<td>$17.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Matthew Boss</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$20.00</td>
<td>$21.00</td>
</tr>
<tr>
<td>Chuck Grom</td>
<td>Gordon Haskett</td>
<td>Announces</td>
<td>Buy</td>
<td>$20.00</td>
<td>-</td>
</tr>
<tr>
<td>Jay Sole</td>
<td>UBS</td>
<td>Lowers</td>
<td>Sell</td>
<td>$9.00</td>
<td>$10.00</td>
</tr>
<tr>
<td>Alex Straton</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$16.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Dana Telsey</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Market Perform</td>
<td>$17.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Dana Telsey</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Market Perform</td>
<td>$17.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Dana Telsey</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Market Perform</td>
<td>$17.00</td>
<td>$17.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Macy's. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Macy's compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
To gain a panoramic view of Macy's's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/M/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Macy's analyst ratings.</a>
<h2>Unveiling the Story Behind Macy's</h2>
Founded in 1858 and based in New York City, Macy's operates about 500 stores under the Macy's nameplate, nearly 60 stores under the Bloomingdale's (full-price and outlet) and Bloomie's nameplates, and more than 160 freestanding Bluemercury specialty beauty stores. Macy's also operates e-commerce sites and licenses Bloomingdale's stores in the United Arab Emirates and Kuwait. Women's apparel, accessories, shoes, cosmetics, and fragrances constituted 62% of Macy's 2023 sales.
<h3>A Deep Dive into Macy's's Financials</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Negative Revenue Trend: Examining Macy's's financials over 3 months reveals challenges. As of 31 October, 2024, the company experienced a decline of approximately -2.68% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Net Margin: Macy's's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of 0.57%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Macy's's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 0.66%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): Macy's's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 0.17%, the company may face hurdles in achieving optimal financial returns.
Debt Management: Macy's's debt-to-equity ratio is below the industry average at 1.4, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>What Are Analyst Ratings?</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Beyond The Numbers: 8 Analysts Discuss Macy's Stock

Telsey Advisory Group analyst Dana Telsey maintains Macy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) with a Market Perform and maintains $17 price target.

Price Target

Telsey Advisory Group Maintains Market Perform on Macy's, Maintains $17 Price Target

Macy's shares are trading lower after the company provided a Q4 business update and net sales guidance at or slightly below the estimate.

Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower in premarket on Monday after the Department store chain provided an update on its <a href="https://www.benzinga.com/pressreleases/25/01/b42940781/macys-inc-provides-fourth-quarter-2024-update">fiscal fourth-quarter guidance.</a>
The company expects fourth-quarter net sales to reach, or slightly fall below, the lower end of the previously projected outlook of $7.8 billion &#8211; $8.0 billion and compared to the estimate of $7.885 billion.
The company now anticipates its adjusted earnings per share for the fourth quarter to remain within its earlier forecast of $1.40 &#8211; $1.65 <a href="https://www.benzinga.com/calendars/guidance">against the estimate of $1.57.</a>
The retailer reported quarter-to-date&nbsp;comparable sales growth in its go-forward business, including Macy&#8217;s First 50 locations and luxury brands like Bloomingdale&#8217;s and Bluemercury.
Digital sales also saw an uptick in comparable sales for the period. However, Macy&#8217;s comparable sales&nbsp;were roughly flat quarter-to-date&nbsp;with non-First 50 locations, including non-go-forward locations, performing below expectations and generating negative comparable sales.
Also Read: <a target="_blank" href="http://British Retail Giant Marks &amp; Spencer Warns Of Economic Challenges Despite Strong Sales Growth In Food And Retail" rel="noreferrer noopener">British Retail Giant Marks &amp; Spencer Warns Of Economic Challenges Despite Strong Sales Growth In Food And Retail</a>
Macy&#8217;s outlook comes amid a push to build momentum through its &#8220;Bold New Chapter&#8221; strategy. Announced in February 2024, this strategy aims to improve profitability by eliminating underperforming locations and focusing resources on its <a target="_blank" href="https://www.benzinga.com/25/01/42908403/macys-shuts-down-66-locations-to-boost-profitability" rel="noreferrer noopener">more successful stores</a>.
Tony Spring, chairman and CEO of Macy&#8217;s, said, &#8220;Reflecting ongoing positive response to Macy&#8217;s First 50 locations, we are excited to expand initiatives to an additional 75 Macy&#8217;s locations in Fiscal 2025.&#8221;
&#8220;We are well-positioned to build momentum with a stronger Macy&#8217;s store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy.&#8221;
Macy&#8217;s plans to release its fourth-quarter and year-end results in early March 2025.
Price Action: M shares are trading lower by 1.71% at $15.57 in premarket on the last check Monday.
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Photo via Shutterstock.

Why Is Department Store Chain Macy's Stock Sliding Today?

Macy's, Inc. comparable sales2 were roughly flat quarter-to-date with Macy's non-First 50 locations, inclusive of non-go-forward locations, performing below expectations and generating negative comparable sales.
The company expects to report full results for the fourth quarter and fiscal year 2024 in early March 2025. &nbsp;

Macy's Expects Q4 Adjusted EPS To Be In-line With Previously Issued Range Of $1.40 - $1.65 (Est $1.57) And Net Sales To Be At, To Slightly Below,  Low-end Of Prior Range Of $7.8B - $8.0B (Est $7.885B)

Department store chain Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) confirmed the closure of 66 stores as part of its <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42902275/macys-inc-confirms-planned-macys-store-closures" rel="noreferrer noopener">&#8220;Bold New Chapter&#8221; strategy</a>.
Announced in February 2024, this strategy aims to improve profitability by eliminating underperforming locations and focusing resources on its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/b37331065/macys-inc-reports-fourth-quarter-and-full-year-2023-results" rel="noreferrer noopener">more successful stores</a>.
The closures are part of a broader plan to shutter approximately <a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37336140/macys-q4-sales-slightly-sour-talks-bold-new-strategy-of-150-store-closures-in-two-years" rel="noreferrer noopener">150 unproductive stores</a> in three years while investing in its 350 go-forward locations through 2026.
The decision comes as the company seeks to adapt to the evolving retail landscape, where consumers demand both seamless in-store and online shopping experiences.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/42897109/british-retail-giant-marks-spencer-warns-of-economic-challenges-despite-strong-sales-growth-in-food-and-retail" rel="noreferrer noopener">British Retail Giant Marks &amp; Spencer Warns Of Economic Challenges Despite Strong Sales Growth In Food And Retail</a>
&#8220;Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy&#8217;s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,&#8221; said Chairman and CEO Tony Spring.
In December, Macy&#8217;s disclosed the results of its investigation into a major accounting error that affected its financial <a target="_blank" href="https://www.benzinga.com/news/24/12/42450838/macys-employee-hid-151-million-in-costs-over-several-years" rel="noreferrer noopener">reporting for multiple years</a>.
As a result, a single employee&#8217;s recurring mistakes and subsequent attempts to conceal them resulted in $151 million worth of expenses being falsely recorded.
Following the accounting scandal, the company slashed its FY24 <a target="_blank" href="https://www.benzinga.com/news/earnings/24/12/42436387/macys-lowers-annual-profit-forecast-amid-accounting-misstep-stock-tumbles" rel="noreferrer noopener">adjusted EPS and sales guidance.</a>
Price Action: M shares are trading lower by 0.50% at $15.95 in premarket at the last check Friday.
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Photo via Shutterstock.

Macy's Shuts Down 66 Locations As Part Of New Chapter Strategy

JP Morgan analyst Matthew Boss maintains Macy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) with a Overweight and lowers the price target from $21 to $20.

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