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...Macy’s shares, down 15 per cent over the past year, trade on a forward price/earnings ratio of just six times. That is a substantial discount to the S&P 500 retail index....
...The price has been pushed up by F1’s booming popularity in the US, and also the sport’s new spending caps that have put a lid on costs....
...Home prices jumped 18.8 per cent in 2021 compared with the previous year, the biggest annual increase across 34 years of data, according to the S&P Corelogic Case-Shiller index....
...Putting all of this together, forecasting a return to 2019’s level of cash flow would be imprudent — yet Macy’s has another $1.3bn in debt to service. The happy ending for Macy’s is not doomed....
...Even before operating leases, forecast net debt should exceed three times ebitda in 2022 according to S&P Global, up from near parity last year....
...Even so, three of Simon’s top occupants have filed for Chapter 11 bankruptcy, while its largest, Macy’s, faces widespread store closures....
...S&P on Tuesday lowered its rating for Macy’s to BB+ — one notch below investment grade — from BBB-, saying it viewed Macy’s turnround plan as necessary but also a sign that the department-store chain’s “...
...This story was amended on 20 February to correct the previous S&P rating for Macy’s...
...Macy’s balance sheet has long been in better shape than more distressed rivals, although the department store chain lost its investment grade rating from S&P Global last month and was cut further into junk...
...’s takes stake in Klarna as part of payment partnership (FT) K+S signs agreement for $3.2 billion sale of Morton Salt business (Reuters) Northern Star and Saracen to merge in $4.1bn deal (FT) GardaWorld...
...Carmaker Ford, department store operator Macy’s, packaged foods maker Kraft Heinz and US airline Delta are among those to have lost their investment grade rating this year....
...The company’s stock has fallen 49 per cent this year, making it the worst performer in the S&P 500 index of blue-chips....
...Quarterly results from Macy’s on Wednesday showed its earnings almost halved from a year ago, putting shares in the S&P 500 company on track for their lowest close in nine years after dropping 14 per cent...
...Macy’s, which suffered a downgrade in its credit rating to junk status, normally grants executives options in late March....
...An index of large-cap US department stores has lost 35 per cent of its value this year, making it the worst-performing subsector in the S&P 500 index....
...Macy’s, meanwhile, set out plans to shut almost 30 stores and disclosed a sales decline, although it was less steep than analysts feared....
...Analysts are forecasting like-for-like sales declines at department store chains Macy’s and JCPenney, according to data from S&P Capital IQ....
...Overall, the S&P 500 retail index was off 1.3 per cent....
...Brian Cornell, Target’s chairman and chief executive, said the S&P 500 company was on course for its biggest annual increase in comparable sales since 2005....
...The S&P 500 retail index overall lost as much as 2.1 per cent in the morning, a decline in market capitalisation of about $34bn, before recovering to close down 0.4 per cent....
...In our previous post, we cited income inequality as a primary driver of retail's problems, noting 2017's store-count growth of discount stores Dollar Tree and Dollar General: Evercore argues that the...
...Other retailers from Walmart to Macy’s have also posted upbeat results....
...The S&P 500 retail index was up 1.6 per cent on Tuesday to 1,760.76, an all-time record. The index gained 29 per cent last year, outpacing the broader S&P 500....
...Element Capital, another hedge fund, opened a starter position in Macy’s....
...Department store Macy’s was also a notable gainer, advancing as much as 4.3 per cent before settling for a 2.1 per cent rise on the day to $21.07, as chief executive Jeff Gennette told CNBC that he expected...
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