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Macy’s (M) Reports Second Quarter 2020 Net Loss, Same Store Sales Down 35%

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Macy's (M) Reports Second Quarter 2020 Net Loss, Same Store Sales Down 35%

Macy’s posted more than expected growth during the last quarter, even as its stores began reopening during the coronavirus pandemic.

The department store operator’s digital sales rose 53% year-over-year as more shoppers visited its website to buy sportswear and furnishings. This helped the company report tighter losses and higher total revenues than analysts expected.

However, with much uncertainty in the industry ahead of an important holiday season, CEO Jeff Gennett said Macy’s is conservatively planning for the rest of 2020 and the company did not provide a financial outlook.

Macy’s was up about 5% premarket.

Here’s how the retailer did in the second fiscal quarter ending August 1, compared to what analysts expected, based on Refinitiv data:

  • Loss per share: 81 cents versus an expected loss of $ 1.77.
  • Revenue: $ 3.56 billion vs. expected $ 3.48 billion

Macy’s had a net loss of $ 431 million, or $ 1.39 a share, compared with a profit of $ 86 million, or 28 cents a share, a year ago. Excluding one-time payments, it lost 81 cents a share, better than analysts’ forecasts of $ 1.77 a share.

Macy’s net sales fell 35.8% to $ 3.56 billion from $ 5.55 billion a year ago, but that beat expectations of $ 3.48 billion.

Online sales and Macy’s stores that have been open for at least 12 months under the terms of ownership plus licenses were down 35.1%. According to Refinitiv estimates, analysts were expecting a 28.2% decline.

Macy’s said digital sales accounted for 54% of its total comparable sales, with stores closed for the quarter.

The company said it ended the second quarter with a strong liquidity position. He had about $ 1.4 billion in cash on his balance sheet.

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Its reserves are down 29% compared to last year.

Department Stores of America are fighting the coronavirus crisis more than other retailers… A number, including Neiman Marcus and Stage Stores, filed for bankruptcy in 2020. Increasingly, it seems that these companies do not deserve to be bailed out. Lord & Taylor, who has been in business for nearly two centuries, announced last week that it will liquidate the remaining 38 stores. AND Negotiations Between Claimants to Save JC Penney from Bankruptcy Deadlockleaving it up to the creditors of the companies to make some last-minute deal to survive.

Macy’s shares have dropped more than 58% this year at the close of trading on Tuesday. Its market capitalization is $ 2.2 billion.

Macy’s full press release on earnings can be found here

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Economy

House valuations fell by three euros, and the number of orders fell in three months | Frame

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House valuations fell by three euros, and the number of orders fell in three months |  Frame

The average value of the bank’s valuation in August was 1414 euros, which is three euros less than in the previous month, which indicates a slight slowdown in the value of houses in the context of new loans. This sign is accompanied by two other signs of slowdown, one is the year-on-year growth of 15.8%, down from the 16.1% recorded in June, and the other is the number of evaluation requests that have bounced back. the fall.

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Economy

The Lightyear 0 continues to break records and become the most aerodynamic car in the world…and it’s powered by solar energy.

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The Lightyear 0 continues to break records and become the most aerodynamic car in the world...and it's powered by solar energy.

The Lightyear 0 never ceases to amaze: in tests conducted in Germany under the WLTP homologation cycle, the electric car, which can also be powered by solar energy, scored 0.175, the lowest score of any production car in history. But this is not an absolute record.

Lighter assured that the result is surprising even for engineers who expected a value of about 0.19. Ario Van der Ham, the company’s technical director, admitted: “We are very proud of this result. We started from scratch when we began to study the machine and its technologies. We’ve put a lot of effort into this.”

The Lightyear 0 managed to beat the previous record set by the 1996 GM EV1, which was 0.19. For example, the two most aerodynamic cars sold today are the Mercedes EQS and Tesla Model S, with claimed values ​​of 0.20 and 0.208, respectively.

However, if we also take concept cars into account, the Lightyear 0 is not the most aerodynamic car – the Mercedes Vision EQXX, introduced this year, scored 0.17 points, while the JCB Dieselmax, a prototype built to set the speed record in category of diesel vehicles. , it had a coefficient of 0.147.

946 examples of the electric sedan were produced, just over 5 meters long, capable of covering almost 625 km on the WLTP cycle thanks to a 60 kWh battery, a 170 hp electric motor. and solar power, which on its own, according to the Dutch manufacturer, it can travel up to 70 km a day.

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With a base price of 250 to 300 thousand euros, this model is clearly beyond the reach of any budget. However, after 0, Lightyear is already working on a more affordable entry-level model, which has a list price of around 30,000 euros and is scheduled to launch in 2026.

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Economy

Wall Street lives West Side Story and closes in the red. Yield on debt close to 4% – Stock Exchange

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Wall Street lives West Side Story and closes in the red.  Yield on debt close to 4% - Stock Exchange

Wall Street ended the day in negative territory, wiping out the brief and cautious recovery seen early in the session led by tech companies.

The global monetary tightening movement and the possibility of a recession, marked by statements by several members of the US Federal Reserve (Fed), together with the turmoil in the UK markets, sent three major US indices into the red.

The industrial Dow Jones lost 0.93% to 29,313.26 points, while the S&P 500 fell 0.88% to 3,660.76 points. The Nasdaq Composite Technology Index fell 0.47% to 10,816.59. The “sale” that was felt at the end of last week continued this Monday.

Investors digested the Bank of England’s announcement that, hours after the pound’s fall to historic lows against the dollar, it assured that it “would be hesitant in changing interest rates.”

In turn, several members of the Fed uttered the words with a “hawkish” tone. The central bank president in Boston stressed the need to continue the path of tightening monetary policy to curb inflation.

Susan Collins also warned that the process would require the loss of some jobs. Atlanta Fed Chairman Rafael Bostic also warned that the central bank still has a long way to go to control inflation.

“This is like a West Side Story remake with a gang of central bankers chasing a job market that refuses to give up,” joked Mike Bailey, director of research at FBB Capital Partners, in an interview with Bloomberg.

For an expert”[Jerome] Powell E [Andrew] Bailey’s are trying to slow down the economy, but I feel that employers are trying to keep as many workers as possible. “So we are almost dealing with a fight between central banks and employers,” he added.

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In the debt market, US 10-year bond yields rose 21.3 basis points to 3.898%, very close to the 4% threshold last hit in 2010.

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