Macy's to close more stores in turnaround push, stock jumps
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S&P Lowers Outlook on Nordstrom (JWN) to Negative Following Q2 Results; Ratings Affirmed
August 12, 2016 11:12 AM EDTS&P Global Ratings today revised its outlook on Nordstrom Inc. (NYSE: JWN) to negative from stable. At the same time, we affirmed all ratings, including the 'BBB+' corporate credit rating.
"The outlook revision reflects our expectation that the company's soft operating performance trends will likely persist over the next 12 to 24 months, resulting in leverage weakening to the mid-2.0x area, and that operating performance and leverage could be worse than our base-case scenario. Along with many department stores, Nordstrom has seen profitability increasingly pressured by competition from online, fast-fashion, and off-price... More
UBS Remains Sidelined on Macy's (M) Following 2Q Beat and Announced Store Closures
August 12, 2016 9:11 AM EDTUBS reiterated a Neutral rating on Macy's (NYSE: M), and raised the price target to $40.00 (from $33.00), following the company's 2Q earnings report and announced closures. Macy's reported EPS of $0.54 ahead of the Street's $0.45 estimate. Macy's will close 100 doors near year-end. A ~$1B sales reduction (-4%).... More
Stifel Keeps Macy's (M) at Hold Following 'Challenging' Q2; EPS, Margins Outpace Expectations
August 11, 2016 9:56 AM EDTStifel affirms Macy's (NYSE: M) at Hold following Q2 results and store closing plans, as announced earlier Thursday.
Analyst Richard Jaffe commented today:
Macys to Close 100 Stores The company plans to close 100 Macys full-line stores (out of a portfolio of 728). Most of the stores will close in early 2017, with the balance closing as... More