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M

Macy's

$19.53

0.04 (0.21%)

16:56
08/21/17
08/21
16:56
08/21/17
16:56

Macy's announces merchandising ops restructuring, will cut 100 jobs

Macy's announced the restructuring of its merchandising operations and the strengthening of its consumer insights and data analytics capabilities. The restructuring includes the consolidation of three functions - merchandising, planning and private brands - into a single Merchandising function to be led by Jeff Kantor and organized around five 'families-of-business.' Feeding into this new merchandising structure are strengthened customer insights and data analytics, which the company is expanding to include inventory replenishment and pricing capabilities. While the primary objective of this restructuring is growth, the company anticipates it will save approximately $30M on an annual basis, some of which may be used for reinvestment in the business. The company anticipates savings of approximately $5 million or approximately 1 cent per share in the fourth quarter of 2017, which is additive to previously provided earnings guidance. The company anticipates one-time costs of approximately $20M-$25M associated with this restructuring, to be booked primarily in the third quarter of 2017. The company expects that these actions will result in a headcount reduction of approximately 100.

  • 06

    Sep

M Macy's
$19.53

0.04 (0.21%)

08/11/17
UBSW
08/11/17
NO CHANGE
Target $21
UBSW
Neutral
Macy's Q2 better than feared, guidance hurts confidence, says UBS
UBS analyst Michael Binetti said Macy's reported Q2 results that were better than feared, but its second half guidance has damaged the confidence that its positive trends are sustainable. The analyst lowered his estimates and his price target to $21 from $23. Binetti maintained his Neutral rating on Macy's shares.
06/21/17
GDHS
06/21/17
NO CHANGE
GDHS
Nike-Amazon pact yet another department store headwind, says Gordon Haskett
Gordon Haskett analyst noted the reports of Nike (NKE) nearing a deal to sell directly on Amazon (AMZN), which he said wouldn't impact trends overnight but would represent another headwind for department stores, particularly J.C. Penney (JCP) and Kohl's (KSS), where the brand has a larger penetration than at Macy's (M) and Nordstrom (JWN). He keeps an Accumulate rating on Nordstrom, a Hold rating on Macy's and Reduce rating on both J.C. Penney and Kohl's.
06/07/17
GSCO
06/07/17
NO CHANGE
Target $25
GSCO
Neutral
Macy's price target lowered to $25 from $28 at Goldman Sachs
Goldman analyst Lindsay Drucker Mann lowerd Macy's price target to $25 from $28 to reflect weaker margin trends and operating earnings following the company's Investor Day. The analyst is encouraged by the detail around strategic initiatives and has confidence in -3-4% FY17 comp guidance range. Shares are Neutral rated.
05/12/17
COWN
05/12/17
NO CHANGE
Target $29
COWN
Market Perform
Macy's financial modeling worrisome, says Cowen
Cowen analyst Oliver Chen said the rapid transformation of consumers' shopping preferences presents ongoing challenges to Macy's and other retailers. He said the company needs to reinvent promotional techniques that currently are yielding poor store traffic and higher markdowns. Chen said from a financial modeling perspective he is worried, leading him to maintain his Market Perform rating on Macy's shares and cut his price target to $29 from $44.

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