Viernes, 22 Junio, 2018

Macy's warns about profit margins, sending shares lower

Macy's warns about profit margins, sending shares lower Macy's warns about profit margins, sending shares lower
Malita Javier | 07 Junio, 2017, 13:01

At the company's annual investor day, Chief Financial Officer Karen Hoguet said that second-quarter gross margins are running about 1 percentage point below what they were a year ago. It also underscored the challenges ahead for traditional chains, particularly clothing retailers, which are seeing increasing competition from online leader and people's changing preferences away from clothing and more toward experiences.

Macy's shares dropped 8.2 percent, or $1.96, to close at $21.90.

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Konik said in a note that Macy's is expecting its gross profit margins in the second quarter to be down 1 percent from a year ago.

Macy's (M) led the S&P 500 lower today after maintaining its earnings guidance at its investor day today, but pointing to weaker margins. The company is also looking to monetize its real estate assets, and hired Brookfield Asset Management in November to create development plans for about 50 Macy's real estate properties.

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The margin was 39.4 percent in the fiscal year ended January 28, and 40.9 percent in the fiscal 2016 second quarter.

Macy's is "doing everything it can to be productive", Hoguet said, adding that she hoped cost reduction efforts would improve margins.

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Another executive on Tuesday's call told investors that Macy's still has too much inventory in stores and that the company was working on reducing this.


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