Macy’s Forms Joint Venture with Fung Retailing to Test e-commerce in China
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JPMorgan Downgrades Macy's (M) to Neutral
August 12, 2015 2:23 PM EDTJPMorgan downgraded Macy's (NYSE: M) from Overweight to Neutral.
For an analyst ratings summary and ratings history on Macy's click here. For more ratings news on Macy's click here.
Shares of Macy's closed at $67.53 yesterday.
... MoreStifel Sees Near-Term Weakness in Macy's (M), But Longer-Term Plan Still Intact
August 12, 2015 9:25 AM EDTStifel is out with initial commentary on Macy's (NYSE: M) following Q2 results and strategic initiative announcements. The firm has Macy's at Buy with a price target of $75.
Analyst Richard Jaffe noted that Macy's Q2 EPS of $0.64 miss the firm's $0.77 estimate. The analyst commented, We anticipate near term weakness at... More
Macy's (M), Tishman Speyer Enter Real Estate Purchase-and-Sale Agreement in Brooklyn
August 12, 2015 8:08 AM EDTMacy's (NYSE: M) and Tishman Speyer announced they have signed a real estate purchase and sale agreement that will enable a re-creation of Macys Brooklyn store and further enliven one of New York Citys most dynamic, transit-rich neighborhoods.
Under the agreement, Macys will continue to own and operate the first four floors and lower level of its existing nine-story Fulton Street retail store, which will be reconfigured and remodeled. Tishman Speyer will purchase the portion of the site that Macys will not retain, which it will develop into approximately ten floors of... More
Macy's (M) Enters Free-Standing Joint Venture with Fung Retailing
August 12, 2015 8:07 AM EDTMacy's (NYSE: M) announced it has formed a free-standing joint venture with Hong Kong-based Fung Retailing Limited (a privately-held enterprise; see footnote below) to explore retailing in China, one of the worlds largest and fastest-growing consumer marketplaces.
The joint venture, which is 65 percent owned by Macys and 35 percent owned by Fung Retailing, will start with an e-commerce pilot. For Macys, already a popular destination for Chinese-Americans and Chinese visitors to the United States, the joint venture is expected to develop significant new learnings on customer preferences and buying patterns within... More
Macy's (M) Misses Q2 EPS by 13c; Will Sell Downtown Brooklyn Property
August 12, 2015 8:02 AM EDTMacy's (NYSE: M) reported Q2 EPS of $0.64, $0.13 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $6.1 billion versus the consensus estimate of $6.23 billion.
On an owned basis, second quarter comparable sales declined by 2.1 percent.
We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment. We expect an improvement in trend beginning in the second half of 2015 based on a range of promising new strategic initiatives, including those initially announced in January,... More
