In a report published Thursday, Cleveland Research analyst Jeff Stinson decreased Macy's Inc. M F3Q earnings from $0.42 to $0.40 and modeled M 3Q13 comps to 2% versus consensus of 2.9% due to disappointing present and expected future sales.
Stinson noted the company's “inconsistent customer traffic” and inefficient effect of increased advertisement of Macy's poor back-to-school sales. Cleveland Research reported, “The increased promotions also appear to be creating added margin risk as the corresponding sales lift has been limited (looking for F3Q gross margin flat to down 10bps with further downside likely in F4Q given current discounting pressure).”
Kohl's and J.C Pennery 3Q results follow Macy's disappointment.
M closed at $42.80 on Wednesday.
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Posted In: Analyst ColorAnalyst RatingsCleveland ResearchConsumer DiscretionaryDepartment StoresJeff Stinson
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