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No-Moat Macy’s Q3 Results Shine as Industry Conditions Remain Very Favorable; Shares Overvalued

David Swartz Equity Analyst

Analyst Note

| David Swartz |

No-moat Macy’s continued its string of stellar results in third-quarter 2021 as sales and margins outperformed precoronavirus levels and our expectations. We expect to lift our $20.50 per-share fair value estimate for Macy’s by a high-single-digit percentage, but view shares, up a midteen percentage on the report, as overvalued.

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Company Profile

Business Description

Founded in 1858, Macy’s operates nearly 600 stores under the Macy’s nameplate, 58 stores under the Bloomingdale’s nameplate, and 160 freestanding Bluemercury specialty beauty stores. Macy’s also operates e-commerce sites, owns 65% of a Chinese e-commerce joint venture, and licenses two Bloomingdale’s stores in the United Arab Emirates and Kuwait. Women’s apparel, accessories, shoes, cosmetics, and fragrances composed 58% of Macy’s 2020 sales. The retailer recently consolidated its headquarters in New York City.

151 West 34th Street
New York, NY, 10001
T +1 513 579-7780
Sector Consumer Cyclical
Industry Department Stores
Most Recent Earnings Oct 31, 2021
Fiscal Year End Jan 29, 2022
Stock Type Cyclical
Employees 75,711