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Beleaguered Retailer Needs a Miracle. But There are Few Signs It’s Getting One

Macy’s will report its third-quarter earnings on Thursday. How the results are may well affect the moods of investors as they watch the retailer’s Thanksgiving parade just a few days later.

The year has not been kind to the retail giant. Macy’s stock has lost nearly half its value and is at its lowest level since the financial crisis. It’s among the worst of a beaten-down crowd: JCPenney, Kohl’s, and Nordstrom.

Struggling from e-commerce competition and hurt by tariffs from the trade war, Macy’s revenues have trailed last year’s, and its margins have narrowed as it heavily discounted to clear excess inventory. In the second quarter, earnings were almost half Wall Street expectations, driving the stock down 13% on the day. Analysts don’t expect Macy’s to make a third-quarter profit and see same-store sales falling for the first time in two years.

Macy’s has very little to be thankful for right now. Stock market and consumer confidence are both near cycle highs, and overall retail sales are expected to be strong for the holidays. But that probably won’t save the retailer from… Barron’s

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