Macy's, Inc.
M
position
long
Del Anderson, CFA
Thesis
Macy's shares are undervalued due to slow sales growth at rebranded stores, but improvements in sales growth and margins are expected in the near future. The company's stock buyback program and ownership of most stores provide downside protection, making it a strong long-term investment.
Did it work?
failed
confidence: high
The thesis anticipated improvements in sales growth and margins, which have not materialized significantly over the long term. Despite a modest price increase of 13.5% over 235 months, this return is well below the expectations for a strong long-term investment, indicating that the thesis did not play out as expected.
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