https://www.youtube.com/watch?v=xIN7DKhAmzU
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The same old story. "Sales down due to the late arrival of cold weather ". Foreign tourists aren't coming here anymore because the dollar is too strong. Excuses excuses.
I support the management decision to thin down San Francisco. It is not enough to claim:
"40 consecutive quarters of double digit digital growth"
Is the Macy's.com operation profitable? As the store footprint is shrinking – digital operation comes under scrutiny. For example, how effective is Machine Learning in Macys.com or Experimentation on Macys.com. Walmart.com is losing $1B per year. For E-Commerce security of customer operation is of paramount importance – this is not cheap.
"We also experienced a temporary impact on our e-commerce business due in part to work on the site in preparation for the fourth quarter."
What kind of fools let e-commerce development affect sales?
Macy's -5% after guiding low
Macy's (NYSE:M) heads lower after the company sets guidance below expectations.
Macy's sees FY20 sales growth of -2.5% to -2.0% vs prior guidance for around flat growth and -0.5% consensus. FY20 EPS of $2.57 to $2.77 is anticipated vs. a prior view for $2.85 to $3.05 and $2.80 consensus.
CEO update: "Our third quarter sales were impacted by the late arrival of cold weather, continued soft international tourism and weaker than anticipated performance in lower tier malls. We also experienced a temporary impact on our e-commerce business due in part to work on the site in preparation for the fourth quarter."
Shares of Macy's are down 4.88% premarket to $14.30 and are now off more than 50% for the year.