Cautious Hold Rating on Macy's Amid Declining Sales and Foot TrafficWe expect 2Q sales/EPS ~inline with consensus/guidance. We model revenues -2.7% vs consensus -2.5% based on comps -1.5%, comp guidance of down 1.5% to +0.5%, and consensus of -0.5%. On its 1Q call, mgmt indicated that May trends had improved from Mar/Apr,however Placer traffic data indicates that foot traffic decelerated meaningfully in both Jun and Jul (traffic was -2.5% in Jul), so we now expect comps at the low end of the range. We model EPS of $0.20 (vs Factset consensus $0.19 and guidance of $0.15-0.20). We expect mgmt to reiterate F25 guidance of $1.60-2.00 (vs consensus of $1.79),as they had considered a potential decel in trends into their guidance, though we expect them to remain cautious about the consumer. Similar to the last three qtrs when the stock moved less than 1%,we do not expect a big stock move on the print.