Department store chain Macy’s (NYSE:M) stock rose 15% over the weekend after an investor group raised their bid for the company to $6.6 billion. The potential buyers bid $5.8 billion for the company last December but were turned down by the board.Arkhouse Management and Brigade Capital are now offering $24 per share for the stock. M stock opened this morning at $20.54 per share.The Arkhouse BrigadeSince the first bid was rejected, Arkhouse has announced it is challenging Macy’s board in a proxy fight. It of ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Arkhouse Management, a real-estate-focused investing firm, said on Sunday it and Brigade Capital Management have raised their offer for Macy’s after the department store chain rebuffed their prior proposal as too low.The firms are now offering to acquire Macy’s stock they don’t already own for $24 per share, about 14% more than its previous offer of $21 per share.The new offer for the company represents a premium of about 33% to its last close on Friday at $18.01 and values the company at $6.6 billion.“We c ...

Macy’s, Inc. (M) reported fourth-quarter fiscal 2023 results, wherein the top and bottom lines surpassed the Zacks Consensus Estimate. Total revenues declined and earnings increased from the year-ago quarter’s reported figures. Comparable sales fell on an owned basis and an owned-plus-licensed basis.Despite the challenges resulting from shifting consumer spending toward non-discretionary items, Macy's focus on offering new and relevant private and national brands helped it stay competitive. This period show ...

Macy’s could potentially decide to shutter the Macy’s department store it operates in San Francisco’s Union Square area. The iconic store appears to be facing the chopping block as part of the "bold new chapter" strategy that Macy’s said earlier Tuesday would involve closing numerous Macy’s locations, according to local media reports."There is a current evaluation underway comparing the potential real estate value and the future sales growth profitability potential," a source at Macy's said, adding that if ...

Macy's plan to close 150 unproductive stores will help solidify its long-term growth.getty Macy’s released its full-year sales results which showed revenue down 5.5% in 2023 compared to 2022. More concerning for the department store is that comparable store sales were down 6.9%, which is a performance comparison to the same stores open last year and this past year (comparable stores would not include new stores opened or closed within the year). In a move to focus on sustainable growth, the company announce ...

Key TakeawaysMacy's announced a new strategy Tuesday as the department store giant tries to fend off a proxy fight by an activist investor.The plan calls for eliminating 150 Macy's stores and adding more Bloomingdale's and Bluemercury locations.Last week, Arkhouse Management launched a proxy fight after Macy's rejected a takeover bid by the activist investor and partner Brigade Capital Management in December.Macy’s (M) shares rose nearly 5% in intraday trading Tuesday after it announced 150 store closures i ...

A Bold New Chapter Q4 2023 Earnings Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Privat ...

Start Time: 08:00 January 1, 0000 9:16 AM ET Macy's, Inc. (NYSE:M) Q4 2023 Earnings Conference Call February 27, 2024, 08:00 AM ET Company Participants Tony Spring - CEO and Chair-Elect Adrian Mitchell - COO and CFO Pamela Quintiliano - VP, IR Conference Call Participants Matthew Boss - JPMorgan Oliver Chen - TD Cowen Brooke Roach - Goldman Sachs Blake Anderson - Jefferies Paul Lejuez - Citi Dana Telsey - Telsey Advisory Group Michael Binetti - Evercore ISI Robert Drbul - Guggenheim Securities Alex Straton ...

Macy's (M) reported $8.12 billion in revenue for the quarter ended January 2024, representing a year-over-year decline of 1.7%. EPS of $2.45 for the same period compares to $1.88 a year ago.The reported revenue represents a surprise of +0.33% over the Zacks Consensus Estimate of $8.09 billion. With the consensus EPS estimate being $2.02, the EPS surprise was +21.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...