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The majority of second-quarter earnings season is over, with a handful of major technology and retail names left to report this week. Economists will be focused on any news from an annual gathering of monetary policy thinkers and practitioners in Jackson Hole, Wyoming.
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These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
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Not to brag, but I’ve become quite the expert packer. My friends and family would argue that I severely under-pack, but I need you to trust my process for a minute. There’s nothing more annoying than lugging around a heavy suitcase on a summer vacation, so being strategic about its contents is key. I always go for versatile, easy-to-throw-on dresses, neutral footwear, and beauty products that add major glow and take up minimal space. Being able to mix and match accessories is a nonnegotiable for me, so items like the woven tote and Ray-Ban sunglasses below are the move. Prepping for your summer travels really is as easy as shopping the following 20 items from Macy’s—it’s the perfect one-stop shop for everything on your packing list. So save yourself the stress, and keep scrolling to shop my go-to items for any trip you have planned this season.
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Natalie Gray Herder
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I scroll TikTok way too much for fear of missing out on a really good trend. Of course, it comes with the job territory, but something about this particular social app makes me waste the most amount of time. The upside is that I’ve really perfected my algorithm. It’s impeccable, actually. Sometimes, it gets derailed when my husband sends me a random “funny” video (all I’ll say is that we have very different taste in content), but I’m always able to get my FYP back to the content that speaks to me most: beauty. It’s how I discover buzzy products, but more importantly, it’s where the best beauty trends are born.
With that in mind, I tapped some of my very stylish colleagues, Amy Serrano, Shawna Hudson, and Jadene Munson, to share the viral makeup trends that have completely won them over and all the products needed from Macy’s to create the looks. From balletcore to cloud skin, there’s a look for every style.
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Caitie Schlisserman
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Arguably, shopping for your dad or a father figure has to be harder than shopping for mom, right? What does he even want? We can only gift so many ties and gadgets, so this year, we need to get creative. Some of us have more than one person we need to shop for (we can’t forget the husbands and grandfathers), and after asking them over and over what they want (we have receipts to prove it), it’s time we just go for it.
Per usual, we hit up Macy’s for the best range of products that we know they’ll love. Comfy robe? Check. An outdoor pizza oven? We found that, too. If you’re shopping for the father figure in your life, start right here with our curated list of must-haves that he’s probably already thinking about—even if he won’t tell you.
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Nayiri Mampourian
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Every time we see a pair of Levi’s on sale, we’re tempted to make a purchase. So, when we spotted 19 pairs of Levi’s jeans available at Macy’s for an extra 25% off, we knew that things were about to get serious.
Macy’s is having a pretty epic Mother’s Day sale from 5/9 through 5/16, where the code MOM gets you an extra 25% off your entire purchase at check out. While there are tons of great buys in store, we had to zero in on a beloved brand and product that never goes out of style: Levi’s Denim.
From super light acid washes to midnight blues, extended sizes, and short styles, there’s most definitely a pair of Levi’s on sale with your name on it. Whether it’s the cult-favorite 501s, fun new flares, or exclusive Macy’s styles like the High-Rise Baggy Carpenter (both just $56!), we’re confident that you’ll find a pair or two to add to your denim wardrobe. Plus the High-Waist Mom jeans for Mother’s Day, obviously.
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Drew Elovitz
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Jeff Gennette will step down from his position as Macy’s CEO in February 2024, the company announced in a press release on Wednesday.
“Serving Macy’s, Inc. over the past 40 years has been a privilege,” Gennette said in the release. He’s been at the company in one way or another, almost continuously, since 1983, per The New York Times.
Tony Spring, previously executive vice president of Macy’s as well as chairman and CEO of Bloomingdale’s, a subsidiary of Macy’s, will now be CEO-elect and president of Macy’s.
Gennette famously began at Macy’s in the early 1980s as an executive trainee. From there, he took on more authority, including division manager for men’s products, and held other executive roles before becoming CEO in 2017, per his company bio.
He said in an interview with the Wall Street Journal that data is key to his approach. “If you are relying on data, are obsessed with customers, and looking at the most granular level of detail then you will make better decisions,” he told the outlet.
As CNBC noted, Gennette led a major reset for the brand as the store was facing lowering sales numbers and concerns about its ability to be successful in an environment that now included robust online competitors and helped the retailer get through the pandemic. He’s also notable as an openly gay CEO of a major U.S. company. He counts as one of about four in such a position.
“Macy’s is in a really good position,” Gennette told the WSJ. “We came through the pandemic financially stronger, more agile and efficient.”
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Gabrielle Bienasz
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I’ve been going on and on about this for a few years now, but Macy’s has become my treasure trove of seasonal essentials. (Maybe you’ve noticed.) Long gone are the days of opening 10 browser tabs just to find the perfect pair of wide-leg jeans and stress-scrolling through my feed to find inspo for my spring wardrobe. I simply go to the Macy’s site at the beginning of each season and start shopping away.
Currently, I’m leaning into an array of colors and prints for spring. Icy blues have been taking center stage, and dresses with large, statement-making florals are all I can think about. But honestly, the best piece of all is a pair of sunglasses that makes me feel like I’ve just stepped into my favorite 2000s rom-com. Keep reading to scope them out.
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Nayiri Mampourian
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Craig Barritt/Getty Images for Nordstrom
If
Nordstrom’s
latest sales update is anything to go by, high-income shoppers are finally starting to feel the pinch of a slowing economy.
The luxury department store, whose product lineup is aimed mainly at wealthier people, said late on Thursday that holiday sales were softer than hoped. It is the latest retailer to warn that consumers took a more cautious approach to holiday shopping in 2022.
“The holiday season was highly promotional, and sales were softer than prepandemic levels,” said CEO Erik Nordstrom in a news release late Thursday. “While we continue to see greater resilience in our higher income cohorts, it is clear that consumers are being more selective with their spending given the broader macro environment.”
Shares of Nordstrom (ticker:
JWN
) were largely unchanged in early Friday trading, with a gain of 0.1% to $17.47.
The company also updated its financial forecasts for fiscal 2022, the 12 months ending January 2023. It now expects revenue growth to be at the low end of the range of 5% to 7% it had forecast. Holiday sales fell by 3.5% in 2022, driven by a 7.6% decline in the company’ Nordstrom Rack banner and a 1.7% decrease in core Nordstrom sales.
Nordstrom also said that the need to sell off outdated inventory weighed heavily on profit and margins. Adjusted earnings per share will range between $1.50 and $1.70, compared with the company’s prior call for $2.30 to $2.60. The consensus call among analysts surveyed by FactSet was for earnings to land at $1.81 for fiscal 2022.
Adjusted earnings before interest and taxes margin will be 3.1% to 3.3%, compared with the 4.3% to 4.7% management had predicted.
While costly to the bottom line, discounting heavily during the holiday season may actually be better for Nordstrom in the long run. The company expects year-end inventory levels to be down by a double-digit percentage compared with last year, putting them roughly at 2019 levels.
“We believe this reduction, coupled with cleaner inventory (~flat to 2019), may actually have been better than feared,” wrote BMO Capital Markets analyst Simon Siegel in a research note. Siegel maintained a Market Perform rating and trimmed his target for the stock price to $20 from $23.
Still, it isn’t an easy time to be a department store. Nordstrom’s announcement comes weeks after
Macy’s
provided investors with a similar update, saying sales would come in at the low to middle end of the range it had forecast as a result of unexpected lulls in demand outside of the peak shopping weekends.
On Wednesday, the Census Bureau reported that department stores’ retail sales fell by 6.6% in December from November, and were down 0.6% from December 2021.
Analysts have also expressed concern about what Nordstrom’s guidance means for demand from high-end consumers, whose buying has remained fairly resilient despite macroeconomic challenges.
For
Piper Sandler
‘s Edward Yruma, who the revision indicates that high-income shoppers may be “undergoing a cyclical slowdown,” driven by layoffs in white-collar industries, a volatile stock market, and a weak housing market. He maintained a Neutral rating on the stock.
Write to Sabrina Escobar at sabrina.escobar@barrons.com
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New York
CNN
—
Turns out inflation may have put a damper on the holidays.
Macy’s chair and CEO Jeff Gennette said lulls during the non-peak holiday weeks “were deeper than anticipated” and that consumers will continue to feel pressured into 2023, in a Q4 update Friday.
Macy’s said Friday its net sales from the holiday quarter will likely be at the low-end to mid-point of its previously issued range of $8.16 billion to $8.4 billion. The retailer said its adjusted diluted earnings per share are expected to be between $1.47 to $1.67.
In last year’s fourth quarter results, Macy’s earned $8.67 billion, above analysts’ forecasts, and had an adjusted earnings per share of $2.45.
Total end-of-quarter inventories are on track to fall slightly below last year and down mid-teens relative to 2019.
Gennette said its Black Friday and Cyber Monday sales met expectations and the week leading up to and following Christmas beat them.
“Overall, our occasion apparel and gift-giving business were strengths, and inventory composition and price points aligned with customers’ needs,” Gennette said, noting that its high-end Bloomingdale’s stores and cosmetics line Bluemercury continued to outperform forecasts.
Macy’s warning may provide an early clue to investors wondering if high inflation has hampered shopping demand during the holidays.
Americans spent more this season to keep up with high prices. US retail sales increased 7.6% during the period between November 1 to December 24 compared to the same time last year, according to the Mastercard Spending Pulse. US retail sales were lower than expected in November, falling 0.6% during the month, which was the weakest performance in nearly a year.
Gennette warned that consumer sentiment is unlikely to change with the new year.
“Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly,” the Macy’s CEO said.
The company expects to report full results for the fourth quarter and fiscal year 2022 in early March 2023.
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As the rest of Team Kotaku are off chasing turkeys through their local Macy’s (I’ve done more research about what a Thanksgiving is this year), once more I have the keys to the site, have locked everyone out, and then immediately lost those keys. While I’m stuck here, I figure I should tell you about some awesome-looking indie games that are coming soon.
Look, it could be worse. I was trying to work out some sort of feedline for the phrase, “May Seize Day Per Raid.” [Ghost of Ari sweeps through Kotaku HQ’s dusty halls] A better use of all our time would be if I let you know about a whole bunch of ace-looking indie games that you’d be in danger of not hearing about otherwise. Let’s get them on wishlists, push up their YouTube views, and then tell all the other kids about them at recess.
As always, I am not personally vouching for these games. These are randomly selected from a vast pile of emails that I’ve received following a clarion call, and unless I say so, I haven’t played them. It’s all about grabbing the opportunity to use this huge platform to highlight the sorts of games the gaming media usually ignores. So let’s get going!
See, this is what it’s all about. House Of Muriet is a voxel-based RTS, which entirely eschews micromanagement in favor of strategic play. It’s about wizards, building settlements, researching magical abilities, and making stuff explode. Also, OMG, watch that trailer. Normally when I read “voxel” I worry, but not this time. It looks like someone made a stop-motion film in Minecraft, and the result is absolutely spellbinding.
Developer: Microtale
Release: Aug 2023
A Cold War-era spy sim, that lets you pick a nation’s intelligence agency, and then play as them from 1946 to 2020, across a world map. The video above is an absolutely incredible example of how to present a game that’s otherwise primarily a picture of a map, making it look thrilling. With 74 playable countries, and the claim that it’ll let you rewrite history Paradox-style, this is enormously ambitious.
Developer: Ex Vivo Studios
Release: TBA
Released last month, I’m most annoyed with myself for still not having made time for Harmony’s Odyssey. Just based on colorfulness alone, it qualifies for anyone’s attention. It’s a gorgeous-looking action-adventure, packed with puzzles where you rearrange reality in a series of dioramas. I’m so glad MythicOwl emailed, because it’s the reminder I needed to finally get on and play this.
Developer: MythicOwl
Release: Out now
No, you can’t move for “roguelike deckbuilders” right now, so it’s something that Jupiter Moons caught my eye, and for a second time! We’ll be a mecha pilot, fighting off pirates and bandits from the moon colonies of Jupiter, but because it’s now, we’re using cards to do it. This is a case of the trailer really selling it within a crowded market, that combination of intricate build-outs for your mecha, and then the fast pace of action, despite being done by flinging cards around the screen. Also, I really like the look of the art. And it was already wishlisted.
Developer: RockAndBushes
Release: 2023
You can immediately see why Wholesome Games recently got excited about Gourdlets. It’s a city-building sandbox, except, it really means it. So many city-building games that say “sandbox” just mean, “you can put the buildings where you want, while ticking off this list of objectives.” Not this: there are apparently no goals, no objectives, just the pleasure of building a cute little city, and then watching the gourdlet vege-people move in, and interact with what you’ve created. Which sounds just so very lovely.
Developer: AuntyGames
Release: 2023
I will be honest: When I read Luis G. Bento’s blurb for the apparently yelled CORPUS EDAX (which I think is Latin for Body Eater…), claiming he was making an immersive sim in the vein of Deus Ex and Fallout, my out loud response was, “No you’re not.” Because a person can’t do that. And then I watched the trailer, and…blimey. He might be. Now, that footage above is described as “pre-pre-alpha,” and it’s not just you, it has no sound, but come on! It looks impressive, right? Also, you’ll note there are no guns in this “retro-futuristic” (no) RPG, where instead you fight only using objects you find lying around. Like in real life.
Developer: Luis G. Bento
Release: September 2023
If you’re of a certain age (it’s called: Old) you’ll remember the heyday of 2D Disney platformers. There was Aladdin, The Lion King, and er that’s it. But both were adored, combining a half-decent platform game with Disney’s animation style. That’s what developer Valhalla Cats aims to do with Stars In The Trash. You can see in the footage that it looks lovely, if more ‘80s Euro-animation than Disney. I really don’t like that title, but the game itself looks like it could be lovely.
Developer: Valhalla Cats
Release: Q4 2023
Developer Spritewrench has two projects on the go, the first for next year being the brilliantly named On the Peril of Parrots. It looks to be an intriguing puzzle game, where the trailer’s familiar-looking puzzle type then rather surprised me with the menu option to “Destroy all humans.” But grabbing me further is 2024’s Duppy Detective Tashia, a Caribbean-set detective game in which you’re helping the titular Tashia to find her stolen phone and, well, shadow. It’s based the region’s folklore, where “duppy” is a form of ghost, sometimes a malevolent spirit, and the basis for many an excellent tale.
Developer: Spritewrench
Release: 2024
Another bellowed game name, although this time a word that requires it. This is a tower defence (remember them?) with FPS elements! Goodness me, there was a time in the last decade where I wrote, “a tower defence with XXX elements” so many times, but it was never “FPS.” The trailer is bloody brilliant, and makes the whole thing look spectacularly bonkers, even if I’m most confused about how the genres overlap. We’ll find out in a couple of months!
Developer: Hangry Owl Games
Release: Jan 11, 2023
You could argue I randomly picked this game because it’s called Chicken Journey, and on most other days you’d be right. But after watching the footage, I discovered a pixel platformer that reminded me of when I was a boy, and sprites clung to vines properly. The whole thing looks adorable, with a bunch of puzzle solving and amiable chatting, and really looks like a thing I wish I were playing right now.
Developer: Loonyware
Release: March 2023
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John Walker
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CNN
—
Al Roker missed his first Macy’s Thanksgiving Day Parade in 27 years as he recovers from a health scare.
The famed “Today” meteorologist recently shared that he had been hospitalized after a blood clot in his leg traveled to his lungs.
“After some medical whack-a-mole, I am so fortunate to be getting terrific medical care and on the way to recovery,” Roker wrote on his verified Instagram account. “Thanks for all the well wishes and prayers and hope to see you soon.”
It kept Roker from his traditional co-hosting of the annual parade along with his “Today” colleagues Savannah Guthrie and Hoda Kotb.
NBC meteorologist Dylan Dreyer filled in for Roker at the event on Thursday and fielded a call from President Joe Biden and first lady Jill Biden, who inquired about how Roker was doing.
Dreyer told them her colleague is doing “great.”
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