That is exactly the right frame. And the filing is where you find the earliest evidence that the gap is opening.
With Macy's the perception is still department stores are in structural decline. The Q1 filing shows forward comparable sales up 3.1 percent with the reimagined locations posting their eighth positive quarter in the last nine. Perception has not caught up to what is actually happening at the store level yet.
Whether that gap widens or closes is the question. August answers it.
Every cycle creates a new narrative around old businesses.
The real question isn't whether a company is loved or hated today. It's whether the market's perception is changing faster than fundamentals.
That's where repricing usually begins.
That is exactly the right frame. And the filing is where you find the earliest evidence that the gap is opening.
With Macy's the perception is still department stores are in structural decline. The Q1 filing shows forward comparable sales up 3.1 percent with the reimagined locations posting their eighth positive quarter in the last nine. Perception has not caught up to what is actually happening at the store level yet.
Whether that gap widens or closes is the question. August answers it.