Intrinsic value of Macy's - M

Previous Close

$35.16

  Intrinsic Value

$41.39

stock screener

  Rating & Target

hold

+18%

Previous close

$35.16

 
Intrinsic value

$41.39

 
Up/down potential

+18%

 
Rating

hold

We calculate the intrinsic value of M stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  25,731
  26,693
  27,725
  28,829
  30,005
  31,258
  32,588
  33,999
  35,494
  37,076
  38,749
  40,516
  42,382
  44,350
  46,426
  48,613
  50,918
  53,345
  55,900
  58,589
  61,419
  64,396
  67,527
  70,819
  74,281
  77,921
  81,746
  85,767
  89,993
  94,433
Variable operating expenses, $m
  24,403
  25,299
  26,260
  27,288
  28,384
  29,550
  30,789
  32,103
  33,496
  34,969
  36,089
  37,735
  39,472
  41,305
  43,238
  45,276
  47,422
  49,682
  52,062
  54,567
  57,202
  59,975
  62,891
  65,957
  69,181
  72,571
  76,134
  79,879
  83,814
  87,949
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  24,403
  25,299
  26,260
  27,288
  28,384
  29,550
  30,789
  32,103
  33,496
  34,969
  36,089
  37,735
  39,472
  41,305
  43,238
  45,276
  47,422
  49,682
  52,062
  54,567
  57,202
  59,975
  62,891
  65,957
  69,181
  72,571
  76,134
  79,879
  83,814
  87,949
Operating income, $m
  1,328
  1,394
  1,465
  1,541
  1,622
  1,707
  1,799
  1,896
  1,998
  2,107
  2,660
  2,782
  2,910
  3,045
  3,187
  3,338
  3,496
  3,662
  3,838
  4,022
  4,217
  4,421
  4,636
  4,862
  5,100
  5,350
  5,612
  5,888
  6,178
  6,483
EBITDA, $m
  2,595
  2,693
  2,797
  2,908
  3,027
  3,153
  3,287
  3,429
  3,580
  3,740
  3,909
  4,087
  4,275
  4,474
  4,683
  4,903
  5,136
  5,381
  5,638
  5,910
  6,195
  6,495
  6,811
  7,143
  7,493
  7,860
  8,246
  8,651
  9,077
  9,525
Interest expense (income), $m
  396
  318
  345
  374
  405
  438
  474
  512
  552
  594
  639
  687
  737
  790
  847
  906
  968
  1,034
  1,104
  1,177
  1,254
  1,334
  1,420
  1,509
  1,604
  1,703
  1,807
  1,917
  2,032
  2,153
  2,280
Earnings before tax, $m
  1,010
  1,049
  1,091
  1,136
  1,183
  1,234
  1,287
  1,344
  1,404
  1,468
  1,974
  2,045
  2,119
  2,198
  2,282
  2,369
  2,462
  2,559
  2,661
  2,769
  2,882
  3,001
  3,127
  3,259
  3,397
  3,543
  3,696
  3,857
  4,026
  4,203
Tax expense, $m
  273
  283
  295
  307
  319
  333
  348
  363
  379
  396
  533
  552
  572
  594
  616
  640
  665
  691
  719
  748
  778
  810
  844
  880
  917
  957
  998
  1,041
  1,087
  1,135
Net income, $m
  738
  766
  796
  829
  864
  901
  940
  981
  1,025
  1,072
  1,441
  1,493
  1,547
  1,605
  1,666
  1,730
  1,797
  1,868
  1,943
  2,021
  2,104
  2,191
  2,283
  2,379
  2,480
  2,586
  2,698
  2,815
  2,939
  3,068

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,293
  21,052
  21,865
  22,736
  23,664
  24,651
  25,700
  26,813
  27,992
  29,240
  30,559
  31,953
  33,424
  34,977
  36,613
  38,339
  40,156
  42,070
  44,085
  46,206
  48,438
  50,785
  53,255
  55,851
  58,581
  61,452
  64,469
  67,640
  70,972
  74,474
Adjusted assets (=assets-cash), $m
  20,293
  21,052
  21,865
  22,736
  23,664
  24,651
  25,700
  26,813
  27,992
  29,240
  30,559
  31,953
  33,424
  34,977
  36,613
  38,339
  40,156
  42,070
  44,085
  46,206
  48,438
  50,785
  53,255
  55,851
  58,581
  61,452
  64,469
  67,640
  70,972
  74,474
Revenue / Adjusted assets
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
  1.268
Average production assets, $m
  9,366
  9,716
  10,092
  10,494
  10,922
  11,378
  11,862
  12,376
  12,920
  13,496
  14,105
  14,748
  15,427
  16,144
  16,899
  17,695
  18,534
  19,418
  20,348
  21,326
  22,357
  23,440
  24,580
  25,778
  27,038
  28,363
  29,756
  31,219
  32,757
  34,374
Working capital, $m
  1,081
  1,121
  1,164
  1,211
  1,260
  1,313
  1,369
  1,428
  1,491
  1,557
  1,627
  1,702
  1,780
  1,863
  1,950
  2,042
  2,139
  2,240
  2,348
  2,461
  2,580
  2,705
  2,836
  2,974
  3,120
  3,273
  3,433
  3,602
  3,780
  3,966
Total debt, $m
  6,392
  6,929
  7,504
  8,119
  8,775
  9,473
  10,215
  11,002
  11,836
  12,718
  13,650
  14,636
  15,676
  16,773
  17,931
  19,150
  20,435
  21,789
  23,213
  24,713
  26,290
  27,950
  29,696
  31,532
  33,462
  35,491
  37,624
  39,866
  42,222
  44,698
Total liabilities, $m
  14,347
  14,884
  15,459
  16,074
  16,730
  17,428
  18,170
  18,957
  19,791
  20,673
  21,605
  22,591
  23,631
  24,728
  25,886
  27,105
  28,390
  29,744
  31,168
  32,668
  34,245
  35,905
  37,651
  39,487
  41,417
  43,446
  45,579
  47,821
  50,177
  52,653
Total equity, $m
  5,946
  6,168
  6,407
  6,662
  6,933
  7,223
  7,530
  7,856
  8,202
  8,567
  8,954
  9,362
  9,793
  10,248
  10,728
  11,233
  11,766
  12,327
  12,917
  13,538
  14,192
  14,880
  15,604
  16,364
  17,164
  18,005
  18,889
  19,818
  20,795
  21,821
Total liabilities and equity, $m
  20,293
  21,052
  21,866
  22,736
  23,663
  24,651
  25,700
  26,813
  27,993
  29,240
  30,559
  31,953
  33,424
  34,976
  36,614
  38,338
  40,156
  42,071
  44,085
  46,206
  48,437
  50,785
  53,255
  55,851
  58,581
  61,451
  64,468
  67,639
  70,972
  74,474
Debt-to-equity ratio
  1.080
  1.120
  1.170
  1.220
  1.270
  1.310
  1.360
  1.400
  1.440
  1.480
  1.520
  1.560
  1.600
  1.640
  1.670
  1.700
  1.740
  1.770
  1.800
  1.830
  1.850
  1.880
  1.900
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
Adjusted equity ratio
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  738
  766
  796
  829
  864
  901
  940
  981
  1,025
  1,072
  1,441
  1,493
  1,547
  1,605
  1,666
  1,730
  1,797
  1,868
  1,943
  2,021
  2,104
  2,191
  2,283
  2,379
  2,480
  2,586
  2,698
  2,815
  2,939
  3,068
Depreciation, amort., depletion, $m
  1,267
  1,298
  1,332
  1,367
  1,405
  1,445
  1,488
  1,534
  1,582
  1,633
  1,248
  1,305
  1,365
  1,429
  1,495
  1,566
  1,640
  1,718
  1,801
  1,887
  1,978
  2,074
  2,175
  2,281
  2,393
  2,510
  2,633
  2,763
  2,899
  3,042
Funds from operations, $m
  2,005
  2,064
  2,128
  2,196
  2,269
  2,346
  2,428
  2,515
  2,607
  2,704
  2,689
  2,798
  2,912
  3,033
  3,161
  3,296
  3,437
  3,586
  3,743
  3,909
  4,082
  4,265
  4,458
  4,660
  4,873
  5,096
  5,331
  5,578
  5,838
  6,110
Change in working capital, $m
  38
  40
  43
  46
  49
  53
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
  132
  138
  145
  153
  161
  169
  177
  186
Cash from operations, $m
  1,967
  2,024
  2,085
  2,150
  2,219
  2,293
  2,372
  2,456
  2,544
  2,638
  2,619
  2,723
  2,834
  2,951
  3,074
  3,204
  3,340
  3,484
  3,636
  3,796
  3,964
  4,140
  4,326
  4,522
  4,727
  4,943
  5,170
  5,409
  5,660
  5,924
Maintenance CAPEX, $m
  -800
  -829
  -860
  -893
  -929
  -967
  -1,007
  -1,050
  -1,095
  -1,143
  -1,194
  -1,248
  -1,305
  -1,365
  -1,429
  -1,495
  -1,566
  -1,640
  -1,718
  -1,801
  -1,887
  -1,978
  -2,074
  -2,175
  -2,281
  -2,393
  -2,510
  -2,633
  -2,763
  -2,899
New CAPEX, $m
  -327
  -350
  -376
  -402
  -428
  -456
  -484
  -514
  -544
  -576
  -609
  -643
  -679
  -716
  -755
  -796
  -839
  -883
  -930
  -979
  -1,030
  -1,084
  -1,140
  -1,198
  -1,260
  -1,325
  -1,393
  -1,464
  -1,538
  -1,616
Cash from investing activities, $m
  -1,127
  -1,179
  -1,236
  -1,295
  -1,357
  -1,423
  -1,491
  -1,564
  -1,639
  -1,719
  -1,803
  -1,891
  -1,984
  -2,081
  -2,184
  -2,291
  -2,405
  -2,523
  -2,648
  -2,780
  -2,917
  -3,062
  -3,214
  -3,373
  -3,541
  -3,718
  -3,903
  -4,097
  -4,301
  -4,515
Free cash flow, $m
  841
  845
  849
  855
  862
  871
  881
  892
  905
  919
  815
  832
  850
  869
  890
  912
  936
  961
  988
  1,016
  1,046
  1,078
  1,112
  1,148
  1,186
  1,226
  1,268
  1,312
  1,359
  1,409
Issuance/(repayment) of debt, $m
  509
  537
  575
  615
  656
  698
  742
  787
  834
  882
  933
  985
  1,040
  1,097
  1,157
  1,220
  1,285
  1,353
  1,425
  1,499
  1,578
  1,660
  1,746
  1,836
  1,930
  2,029
  2,133
  2,242
  2,356
  2,476
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  509
  537
  575
  615
  656
  698
  742
  787
  834
  882
  933
  985
  1,040
  1,097
  1,157
  1,220
  1,285
  1,353
  1,425
  1,499
  1,578
  1,660
  1,746
  1,836
  1,930
  2,029
  2,133
  2,242
  2,356
  2,476
Total cash flow (excl. dividends), $m
  1,350
  1,381
  1,424
  1,470
  1,518
  1,569
  1,623
  1,679
  1,738
  1,801
  1,748
  1,817
  1,890
  1,967
  2,047
  2,132
  2,221
  2,314
  2,412
  2,516
  2,624
  2,738
  2,858
  2,984
  3,116
  3,255
  3,401
  3,554
  3,715
  3,884
Retained Cash Flow (-), $m
  -201
  -222
  -238
  -255
  -272
  -289
  -307
  -326
  -345
  -366
  -387
  -408
  -431
  -455
  -480
  -505
  -533
  -561
  -590
  -621
  -654
  -688
  -723
  -761
  -800
  -841
  -884
  -929
  -976
  -1,026
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,149
  1,159
  1,186
  1,215
  1,247
  1,280
  1,315
  1,353
  1,393
  1,435
  1,362
  1,409
  1,459
  1,512
  1,567
  1,626
  1,688
  1,753
  1,822
  1,894
  1,970
  2,050
  2,134
  2,223
  2,316
  2,414
  2,517
  2,625
  2,739
  2,858
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  1,091
  1,040
  1,000
  958
  912
  864
  814
  761
  707
  651
  548
  497
  447
  398
  351
  305
  262
  223
  186
  153
  124
  99
  78
  60
  45
  33
  24
  17
  11
  8
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Macy's, Inc. is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy's, Bloomingdale's and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. Its subsidiaries provide various support functions to its retail operations. Its bank subsidiary, FDS Bank, provides credit processing, certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank (DSNB), which is a subsidiary of Citibank N.A., or FDS Bank. The private label brands offered by the Company include Alfani, American Rag, Aqua, Bar III, Belgique, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Greg Norman for Tasso Elba, Holiday Lane, Home Design, Hotel Collection, John Ashford, Karen Scott, Thalia Sodi and lune+aster.

FINANCIAL RATIOS  of  Macy's (M)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 0.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 12
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 151.8%
Total Debt to Equity 158.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 21%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 74.2%

M stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the M stock intrinsic value calculation we used $24837 million for the last fiscal year's total revenue generated by Macy's. The default revenue input number comes from 0001 income statement of Macy's. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our M stock valuation model: a) initial revenue growth rate of 3.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.3%, whose default value for M is calculated based on our internal credit rating of Macy's, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Macy's.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of M stock the variable cost ratio is equal to 94.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for M stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Macy's.

Corporate tax rate of 27% is the nominal tax rate for Macy's. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the M stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for M are equal to 36.4%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Macy's operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for M is equal to 4.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5745 million for Macy's - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 306.371 million for Macy's is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Macy's at the current share price and the inputted number of shares is $10.8 billion.

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COMPANY NEWS

▶ Macy's partners with Facebook, adds virtual reality to dozens of stores   [12:25PM  American City Business Journals]
▶ Macy's CEO on tariffs   [05:48AM  CNBC Videos]
▶ Heres how many people Macys is hiring for the holidays   [Sep-12-18 12:13PM  American City Business Journals]
▶ Macy's opening second Backstage location in Greater Cincinnati   [Sep-10-18 01:18PM  American City Business Journals]
▶ Macy's spotlights 'some extraordinary women'   [11:15AM  American City Business Journals]
▶ Find Remarkable Fall Fashion at Macys   [09:00AM  Business Wire]
▶ 3 Big Winners With 4% Dividend Yields   [08:17AM  Motley Fool]
▶ 4 reasons why shoppers are in the mood to spend   [Aug-29-18 07:30PM  Associated Press]
▶ Macy's Run Is Over   [04:58PM  GuruFocus.com]
▶ Is Macy's (M) a Great Value Stock Right Now?   [Aug-28-18 01:06PM  Zacks]
▶ 4 Things Macy's Management Wants Investors to Know   [Aug-26-18 03:15PM  Motley Fool]
▶ 3 Dividend Stocks Ideal for Retirees   [06:31AM  Motley Fool]
▶ Its Time to Buy the Dip in Foot Locker Stock   [Aug-24-18 02:57PM  InvestorPlace]
▶ Kohl's Stock Suffers Macy's Fate   [Aug-22-18 01:20PM  GuruFocus.com]
▶ Retail Earnings Highlights   [Aug-21-18 05:39PM  Motley Fool]
▶ 3 Consumer Giants That Arent Dead Yet   [01:03PM  InvestorPlace]
▶ Is Macys Post-Earnings Dip a Buying Opportunity?   [Aug-17-18 07:55PM  Motley Fool]
▶ Is Macy's Now Underpriced?   [04:05PM  GuruFocus.com]

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