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Bond Market News
Macy’s Bonds Trade Weaker On Forecasting Sales Hit
August 22, 2024
Dollar bonds of Macy’s were trading lower, with the retailer forecasting a sales hit on the back of steep promotions and uneven demand for upscale apparel and accessories. Macy’s reported a 3.8% drop in net sales for 2Q2024 to $4.9bn, worse than expectations for a 0.2% fall to $5.12bn. It now expects annual net sales of $22.1-22.4bn, compared with its prior forecast of $22.3-22.9bn. Besides, the retailer expects to close 55 stores in 2024, up from about 50 estimated earlier, as part of its three-year cost-saving plan.
Macy’s 4.5% 2034s were down 1.6 points to 81.63, yielding 7.03%.
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