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Fly News Breaks for August 16, 2018
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Aug 16, 2018 | 07:34 EDT
Citi analyst Paul Lejuez said Macy's comp growth in Q2 was "certainly better than the negative comps we've seen for years," but he added that its earnings beat came mostly from credit income, asset sales and taxes rather than the core retail business. Given tougher upcoming comparisons, he is concerned the company may fall short of its raised second half guidance on the top-line, added Lejuez, who said nothing in this quarter alters his view that the company faces long-term structural pressures. He maintains a Sell rating on Macy's shares.
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