Macys Inc Stock Price, News & Analysis

Macy's (NYSE: M) has terminated discussions with Arkhouse and Brigade regarding a potential acquisition. The Board unanimously decided that their revised proposal of $24.80 per share lacks certainty of financing and doesn't provide compelling value. Despite months of engagement and extensive due diligence, Arkhouse and Brigade failed to deliver a fully financed, actionable proposal by the agreed deadline.

The Board cited significant uncertainty in Arkhouse and Brigade's financing, conditional commitment letters, and the need for lengthy additional diligence as reasons for termination. Macy's will now focus on executing its 'A Bold New Chapter' strategy, which is showing early signs of success, particularly in its First 50 Macy's nameplate stores.

Macy’s is celebrating its Star Rewards loyalty members with the inaugural 'All-Star Week' event, running from July 16 to July 23. During this period, customers can enjoy thousands of summer deals and exclusive offers. Star Rewards members can earn extra rewards points, including 3x and 10x points on select categories and brands, and $20 in Star Money. The event also features daily online deals from top brands like Levi’s, Dolce & Gabbana, and Nespresso.

Members can join the Star Rewards program for free and start earning points on all purchases except gift cards, services, and fees. New Macy's cardholders can get an additional 30% off, up to $100, on their first two days of purchases. Macy’s Summer’s Greatest Hits campaign includes special events and sales throughout the season, focusing on summer trends and customer experiences.

Macy's, Inc. (NYSE: M) announced the appointment of Keith Credendino as Chief Information Officer, effective August 4, 2024. Credendino, currently Senior Vice President of Technology Product Development, will succeed Laura Miller, who retires on August 3, 2024. Miller has modernized Macy's technology systems and operations since joining in 2021. Credendino's role will focus on simplifying and modernizing Macy's technology stack as part of the company's growth strategy, ‘A Bold New Chapter.’ He has previously enhanced customer experience and technology infrastructure at Macy's and Bloomingdale's. Credendino holds a BBA in Management Information Systems from the University of Georgia and an MBA from Georgia State University.

Celebrity chef Guy Fieri has introduced his new Flavortown Laser Titanium cookware line, exclusively at Macy’s. This innovative collection features non-stick, chemical-free cooking surfaces, crafted without potentially harmful coatings like PFAS, PTFE, and PFOA. The cookware range includes various pieces such as skillets, sauté pans, stock pots, saucepans, griddles, and woks, with prices between $39.99-$299.99. The collection is available on Macys.com, Macy’s mobile app, and in over 300 Macy’s stores nationwide. Featuring a patented technology, the cookware is three times harder than stainless steel and oven safe up to 500 degrees. The product launch is part of Macy’s Summer’s Greatest Hits campaign.

Macy's is gearing up for its 48th annual 4th of July Fireworks, America's largest Independence Day celebration. The event will feature over 60,000 shells in more than 30 colors and new effects, illuminating the Hudson River from five barges between W. 14th St. and W. 34th St. in Manhattan. Scheduled for July 4th at 9:25 p.m., the spectacle will be broadcast live on NBC and Peacock, with an encore at 10 p.m. ET/PT. Musical performances by Tanner Adell, Brandy Clark, Luis Fonsi, Mickey Guyton, Amber Mark, The War And Treaty, and Lainey Wilson will precede the fireworks. The show will introduce a unique silver cascading firework effect. Public viewing spots are available along the Hudson River in New York and New Jersey. For more details, visit macys.com/fireworks and follow @macys #MacysFireworks.

Macy’s launches its new campaign, Summer’s Greatest Hits, to celebrate the beginning of summer with iconic trends and styles. The campaign features a fresh recording of Bill Withers' classic, ‘Lovely Day,’ performed by Grammy-nominated artist Amber Mark and produced by Grammy winner Ryan Tedder.

The anthem will be showcased during Macy’s 4th of July Fireworks, broadcasted live on NBC and streamed on Peacock. The campaign includes online and in-store experiences, sales events, and a countdown to summer's greatest hits.

Chief Marketing Officer Sharon Otterman highlights Macy’s aim to capture the spirit of summer through storytelling, music, and creative content across all platforms. The campaign launches on June 20 and will span television, digital media, social platforms, and Macy’s brand channels.

Bloomingdale's, in collaboration with Air France, is launching The Carousel @ Bloomingdale's: Game On. Curated by Venus Williams, the new shop will be accessible in-store and online from June 13, 2024, featuring her exclusive collection with Bloomingdale's private label AQUA. The collection includes 36 pieces ranging from athletic wear to handbags. In addition to AQUA x Venus Williams, the shop will offer items from brands like Anine Bing, Longchamp, Happy Viking, and Asutra. Special in-store events include a meet-and-greet with Venus Williams, exclusive activations, and an Air France travel sweepstakes. The shop will run until August 26, 2024.

Macy’s (NYSE: M) reported its first quarter 2024 financial results, revealing mixed performance. The company achieved diluted EPS of $0.22 and adjusted diluted EPS of $0.27, surpassing expectations. However, net sales dropped 2.7% year-over-year to $4.8 billion. Comparable owned sales and owned-plus-licensed sales were down 1.2% and 0.3% respectively. The Bold New Chapter strategy showed promise, with the First 50 locations reporting 3.3% and 3.4% growth in comparable sales.

Bloomingdale's and Bluemercury showed minor sales increases, while Macy's non-go-forward locations suffered a 4.5% decline. Credit card revenues fell $45 million due to higher delinquency rates. SG&A expenses decreased by $39 million, yet expenses as a percentage of revenue rose. Macy's updated its 2024 guidance, projecting net sales between $22.3 billion and $22.9 billion and adjusted diluted EPS between $2.55 and $2.90.

Macy's Board of Directors has declared a quarterly dividend of 17.37 cents per share on its common stock.

This dividend will be payable on July 1, 2024, to shareholders who are on record by the close of business on June 14, 2024.

This announcement reinforces Macy's commitment to returning value to its shareholders.