Dec 20, 2:10 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Adam Levine-Weinberg 12/20/18 AT 12:02 PM It has been an up-and-down year for Macy’s (NYSE:M) in 2018. Shares of the department store giant plunged to a multiyear low in late 2017, but rallied in the last two months of the year. That rally continued into 2018, as Macy’s stock surged from around $25 at the beginning of the year to a peak of more than $40 this summer.Since then, the stock has come back to earth, slumping all the way back to the low-$30 range. That has left Macy’s shares trading for less than nine times earnings, despite rapid improvement in the company’s balance sheet.This article originally appeared in the Motley Fool.In short, investors are treating Macy’s like it won’t be able to sustain its current level of earnings, let alone achieve any profit growth in the long run. Yet people may be underestimating Macy’s prospects. For the first time in a long time, the company has a real growth strategy.Macy’s was floundering for yearsBetween 2015 and 2017, Macy’s reported 11 consecutive quarterly comp sales declines, as the retailer struggled to cope with declining mall traffic and changing shopper habits. For… Read full this story
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