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Macy’s is set to report first-quarter earnings before the bell on Wednesday.
Here’s what analysts are expecting, based on a survey by Thomson Reuters:
- Earnings per share: 37 cents
- Revenue: $5.4 billion
- Same-store sales: an increase of 1.4 percent
Just last week, Morgan Stanley downgraded Macy’s citing declining sales and profit “pressure” from online players for the ratings change. Just a few days prior, Deutsche Bank put out a new note saying there’s “limited upside” for investors in the department store space.
Most U.S. department stores ended the holiday industry on a high note, but some worry the momentum may be fading heading into the latter half of the year. Many of these companies face the threat of Amazon becoming the No. 1 apparel retailer in the U.S. by the end of 2018.
For Macy’s, the company has been focused on rolling out new concepts in stores, like pop-up shops, and expanding its off-price business, Macy’s Backstage. It just recently announced its acquisition of Story, a New York-based concept shop, and will be bringing on Story’s founder, Rachel Shechtman, as “brand experience officer.”
As of Tuesday’s market close, Macy’s shares are up about 18 percent so far this year.
This is a developing story. Please check back for updates.