Macy’s (NYSE: M) has announced plans to expand by opening 37 new store-within-store Backstage locations, beginning April 9 through June 2022. Macy’s engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods.
The company’s backstage stores are generally 11,000 to 16,000 square feet in size and house products ranging from apparel to a wide range of toys, housewares, beauty products, designer handbags, activewear and more.
Focusing on its off-mall, small format expansion, Macy’s last year added two new free-standing Backstage locations in Dallas, TX and three Market by Macy’s locations in Dallas, TX and Atlanta, GA.
The retailer keeps changing its store fleet to cater to the changing preference of consumers and seeks to open additional off-mall locations throughout 2022. The off-price shops will provide Star Rewards to customers and allow them to use their Macy’s credit card at all locations.
The company’s EPS for the first quarter of 2022 is estimated to reach $0.81. Macy’s stock earnings beat estimates in all the quarters of 2020 and 2021, and given the impressive earnings history, it will likely beat estimates again in the first quarter.
Overall, the stock has a Hold consensus rating based on three Buys, four Holds and three Sells.
According to the tool, Macy’s website recorded a 21.8% monthly decline in global visits in February, compared to the previous year. Likewise, the footfall on the company’s website has declined 29.9% year-to-date against the same period last year.
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