Moody’s sees department store operating income down 20% in 2019


People carry shopping bags from Macy’s Herald Square during early opening for Black Friday sales in New York City, November 28, 2019.

Andrew Kelly | Reuters

Department stores are in for more trouble as 2019 comes to an end and we head into a new decade, according to two analysts’ notes Monday.

Goldman Sachs lowered its rating on Macy’s shares on Monday to sell from neutral, still seeing “significant downside” in the company’s stock price. That’s despite Macy’s shares having already tumbled about 48% this year to a market value of $4.8 billion.

“Macy’s sales and operating margins have come under pressure in recent years, and we forecast this to continue,” analyst Alexandra Walvis said in a…


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