At first glance, Macy's fourth quarter followed the pattern of every retail story this earnings season: revenue lower than expected, disappointing comparable sales and more blame heaped on a winter harsher than normal. Even CEO Terry Lundgren admitted disappointment in the results.
Roughly 15,000 shoppers surged into Macy's Herald Square on Thanksgiving, CEO Terry Lundgren tells The Street. Will consumers continue to shop throughout the holiday season?
Hedge funds have repeatedly bet against Macy's CEO Terry Lundgren, but TheStreet's Jim Cramer says that is just wrong. Macy's department stores have been on fire since February and Lundgren continues to deliver. Cramer believes Macy's shares can go through the $60s as the weather improves, and while Cramer trimmed back his position in Macy's for his Action Alerts PLUS portfolio, he thinks Lundgren is 'totally bankable' and he would be a buyer on any pullback to $55 a share.
Bad weather weighed on Macy's sales in the first quarter, but the retailer's profit still managed to narrowly beat analyst expectations. Despite a 1.7 percent drop in quarterly sales, CEO Terry Lundgren said soft business trends improved in April as the weather warmed, which the company sees as a positive sign for the second quarter.
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