Leading department store retailer Macy’s Inc. (M - Free Report) announced the opening of its second store in Ponce, Puerto Rico in fall 2015.
The new 150,000-square feet store will furnish the residents of the region with an additional opportunity to own a wide range of merchandise that includes men’s, women’s and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods.
As per the company, construction is slated to begin in 2014 and would hire about 275 employees. The move reflects the company’s strategic initiative to expand in regions which provide ample growth opportunities in terms of sales.
Macy’s has been taking steps such as integration of operations, consolidation of divisions, customer-centric localization initiatives, as well as developing its e-Commerce business and online order fulfillment centers to increase sales, profitability and cash flow. Moreover, Macy’s continues to focus on price optimization, inventory management and merchandise planning to drive traffic.
The company came up with better-than-expected first-quarter fiscal 2013 results and maintained its guidance for fiscal 2013. The quarterly earnings of 55 cents a share surpassed the Zacks Consensus Estimate of 53 cents and surged 28% from 43 cents earned in the prior-year quarter on the back of My Macy's localization initiatives, omnichannel integration and effective cost management.
During the last reported quarter, Macy’s opened 1 new store in Victorville, Calif. and operates through 840 department stores across 45 states. Moreover, Macy’s operates 12 Bloomingdale’s Outlet stores.
Currently, Macy’s holds a Zacks Rank #3 (Hold).
Other Stocks to Consider
Until any further upgrade in Macy’s Zacks Rank, other well performing stocks in the non-food retail, wholesale sector include Big 5 Sporting Goods Corp. (BGFV - Free Report) , which carries a Zacks Rank #1 (Strong Buy). The Gap, Inc. (GPS - Free Report) and Cabela's Incorporated , carrying a Zacks Rank #2 (Buy) are also worth considering.