AllAnalyst Report
logoMorningstarMay 18, 2021

Macy's, Inc.: No-Moat Macy's Achieves Unexpected Profit in Q1 as Crisis Effects Fade; Shares Fully Valued

Symbols
M
Sector(s)
Consumer Cyclical
Rating
Current Price
$18.13
Fair Value
Economic Moat
Stewardship
Summary

Founded in 1858, Macy’s operates nearly 600 stores under the Macy’s brand, 55 stores under the Bloomingdale’s brand, and about 162 freestanding Bluemercury specialty beauty stores. Macy’s also operates e-commerce sites, owns 65% of a Chinese e-commerce joint venture, and licenses two Bloomingdale’s stores in the United Arab Emirates and Kuwait. Women’s apparel, accessories, shoes, cosmetics, and fragrances constituted 58% of Macy’s 2020 sales. The retailer recently consolidated its headquarters in New York City.

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Analyst Profile

David Swartz

Equity Analyst
David Swartz is an equity analyst in the consumer sector research group for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers consumer-focused companies in retail and apparel.Before joining Morningstar in 2018, Swartz worked as a money manager and equity analyst for a family office in the Seattle area. He also worked as an analyst and fund manager for three equity hedge funds in the San Francisco Bay Area.Swartz holds a bachelor’s degree in economics from the University of California at Berkeley and a master’s degree in economics from Yale University. He also holds a certificate in finance (investment management specialization) from UC Berkeley Extension.