Last week also witnessed second-quarter earnings report from Macy’s, Inc. (NYSE:M), a Department store giant. For the three months ended July 28, Macy Inc. reported a 16 percent increase in profit to $279 million, or 67 cents a share, compared with $241 million, or 55 cents, a year earlier, which beats analysts’ estimate of 64 cents a share. The parent company of the Macy’s and Bloomingdale’s chains, reported a jump of 3 percent in total sales for the period, to $6.12 billion. The company’s online sales jumped 36 percent, while Same-store sales rose by 3 percent. Macy’s has fared better than rivals such as J.C. Penney Company, Inc. (NYSE:JCP), owing mainly to a localization initiative implemented three years ago. Macy’s have also gained from introducing exclusive brands such as the Material Girl line designed by singer Madonna and her daughter Lourdes. Satisfied with the performance, company has raised its full year earnings forecast to $3.30 to $3.35 a share.
Yarra Square Partners returned 19.5% net in 2020, outperforming its benchmark, the S&P 500, which returned 18.4% throughout the year. According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, 2020 was a year of two halves for the investment manager. Q1 2021 hedge fund Read More