Macy's (M), Tishman Speyer Enter Real Estate Purchase-and-Sale Agreement in Brooklyn
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Stifel 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
Alibaba (BABA), Macy's (M) Enter Partnershp for Flagship Store on Tmall Global
August 12, 2015 8:48 AM EDTAlibaba (NYSE: BABA) announced an exclusive agreement with Macys (NYSE: M) China Limited, a joint venture between Macys Inc, one of Americas most iconic fashion retailers and the largest U.S. department store by retail sales, and Hong Kong-based Fung Retailing Limited, a leading retailer in Greater China (1). Under the agreement, Macys China Limited will launch an exclusive online flagship store on Tmall Global providing a wide selection of authentic, high-quality Macys merchandise to shoppers in China. This partnership will enable Macys brands to reach... 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
