Dallas, Texas 12/03/2013 (Financialstrend) – The $19.3 billion market capped departmental store Macy’s, Inc. (NYSE:M) stock had shown a surprising weakness during trading on Black Friday. It registered a 1.5% dip in its market valuation from its previous day close. While the market driven price dynamics might not necessarily constitute a barometer for the likely performance that the retail player in the near term, the fact that the slippage in its stock value happened on Black Friday assumes added importance. This drop in its valuation was surprising given the fact that top retailers including Macy’s, Inc. (NYSE:M) had thrown enough hints to the media that the initial rushes indicate that sales were indeed well paced this year. The other retailers which talked of better than expected sales were Wal-Mart (NYSE:WMT) and Target (NYSE: TGT).
In a dramatic display of how successful the thanksgiving day sales were for Macy’s, Inc. (NYSE:M) last week, its PR folks have disclosed that between 8 ‘o Clock and 8:15 PM on Thursday, close to 15,000 shoppers trooped into its flagship New York store. The most sought after products of the dress maker were “sweaters, coats, and boots”. The firm also reported that its jewellery section also generated huge buzz where some select diamond pieces were being offered at almost 1/3 the original rates. The firm also wanted readers at large to know that close to 90% of its regular employees turned up to man the isles by forgoing their family time during such a important holiday. It is a different matter though that the regular over time rates of 1.5 times the usual working hours were paid to its work force last Thursday.
Hence it is surprising that the markets discounted such positive news from Macy’s, Inc. (NYSE:M) during trading yesterday. The stock has managed to post a solid 38% increase in its market value over the past 12 months.
