) attained a new 52-week high of $42.47 on Wednesday, Mar 13,
gaining momentum from the better-than-expected fourth-quarter
fiscal 2012 results. This Zacks Rank #1 (Strong Buy) department
store retailer in the United States eventually closed at $42.11,
recording a healthy year-to-date return of roughly 10%. The
company currently trades at a forward P/E of 10.79x, a 5.8%
discount to the peer group average of 11.46x.
Macy's is one such company that has been performing fairly
well. The company has been taking prudent steps to augment sales,
profitability and cash flows. These include integration of
operations, consolidation of divisions and customer-centric
localization initiatives. To help drive traffic, Macy's continues
to focus on price optimization, inventory management and
The company posted stronger-than-anticipated fourth-quarter
fiscal 2012 results, on the back of My Macy's localization
initiatives, omnichannel integration, robust online sales and
effective cost management. It declared impressive results on Feb
26, 2013, wherein earnings of $2.05 per share surpassed the Zacks
Consensus Estimate of $1.98 by 3.5%. Macy's has outperformed the
Zacks Consensus Estimate for 11 straight quarters by an average
Macy's total sales grew 7.2% to $9,350 million in the quarter
from $8,724 million in the year-ago period, and came ahead of the
Zacks Consensus Estimate of $9,327 million. Comparable-store
sales for the quarter climbed 3.9%.
Buoyed by healthy results, management now projects fiscal 2013
earnings between $3.90 and $3.95.
The Zacks Consensus Estimate for fiscal 2013 rose 2.1% to
$3.90 per share over the last 30 days. For fiscal 2014, the Zacks
Consensus Estimate advanced 1.4% over the same timeframe to $4.40
Other Stocks to Consider
Other stocks worth considering in the non-food retail,
wholesale sector include
New York & Company Inc.
), all carrying a Zacks Rank #2 (Buy).
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