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Macy's (M) Chooses to Remain Open on Thanksgiving Day
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While some retailers have opted to remain closed on Thanksgiving Day, Macy's, Inc. (M - Free Report) has decided to keep its stores open, a tradition which it has been following since 2013, per media reports. This time the department store chain will open its doors at 5 p.m. instead of 6 p.m., and will remain open until 2 a.m. It will again reopen its stores at 6 a.m. on Black Friday.
To take on online rivals, brick-and-mortar retailers do not want to miss out a single opportunity to attract shoppers who start early and seek attractive deals, and so keep their doors open on Thanksgiving. Additionally, Macy’s move is seen as part of the company’s effort to aggressively tap the holiday season, in order to provide cushion to its dwindling top and bottom line.
A look at the company’s performance in fiscal 2015 unveils that net sales declined 0.7%, 2.6%, 5.2% and 5.3% in the first, second, third and fourth quarters, respectively. Maintaining the same chronological order, we note that earnings per share fell 6.7%, 20%, 8.2% and 14.3%, respectively. In fiscal 2016, net sales decreased 7.4% and 3.9% in the first and second quarters, while earnings per share plunged 28.6% and 15.6% during the respective quarters.
Of late, employees have been raising their voice against keeping stores open on Thanksgiving, as they want to enjoy the day with their families. hhgregg, Inc. , Staples, Inc. and Office Depot, Inc. (ODP - Free Report) have decided to keep its stores closed on the day, as they want their associates to enjoy Thanksgiving with family and friends.
The holiday season accounts for a sizeable chunk of yearly revenues and profits, and retailers are well on their toes to capitalize on this festive spirit, flooding the markets with offers and promotions.
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Macy's (M) Chooses to Remain Open on Thanksgiving Day
While some retailers have opted to remain closed on Thanksgiving Day, Macy's, Inc. (M - Free Report) has decided to keep its stores open, a tradition which it has been following since 2013, per media reports. This time the department store chain will open its doors at 5 p.m. instead of 6 p.m., and will remain open until 2 a.m. It will again reopen its stores at 6 a.m. on Black Friday.
To take on online rivals, brick-and-mortar retailers do not want to miss out a single opportunity to attract shoppers who start early and seek attractive deals, and so keep their doors open on Thanksgiving. Additionally, Macy’s move is seen as part of the company’s effort to aggressively tap the holiday season, in order to provide cushion to its dwindling top and bottom line.
A look at the company’s performance in fiscal 2015 unveils that net sales declined 0.7%, 2.6%, 5.2% and 5.3% in the first, second, third and fourth quarters, respectively. Maintaining the same chronological order, we note that earnings per share fell 6.7%, 20%, 8.2% and 14.3%, respectively. In fiscal 2016, net sales decreased 7.4% and 3.9% in the first and second quarters, while earnings per share plunged 28.6% and 15.6% during the respective quarters.
MACYS INC Price and Consensus
MACYS INC Price and Consensus | MACYS INC Quote
Of late, employees have been raising their voice against keeping stores open on Thanksgiving, as they want to enjoy the day with their families. hhgregg, Inc. , Staples, Inc. and Office Depot, Inc. (ODP - Free Report) have decided to keep its stores closed on the day, as they want their associates to enjoy Thanksgiving with family and friends.
The holiday season accounts for a sizeable chunk of yearly revenues and profits, and retailers are well on their toes to capitalize on this festive spirit, flooding the markets with offers and promotions.
Macy’s currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>