Key Highlights

  • Macy's (NYSE:M) traded at USD 22.76 on October 13, 2026, down 0.98% on 6.031 million shares (1.0 times the 3-month average), valued at USD 5.952 billion, with a P/E of 8.19 and a PEG of 0.47.
  • Gap (NYSE:GAP) traded at USD 22.78 on October 13, 2026, unchanged on 5.165 million shares (0.7 times the 3-month average), valued at USD 8.206 billion, with a P/E of 7.22 and a PEG of 0.83.
  • Kohl's (NYSE:KSS) traded at USD 21.14 on October 13, 2026, down 0.17% on 4.96 million shares (1.3 times the 3-month average), valued at USD 2.288 billion, with a P/E of 8.42 and a PEG of -0.81.
  • Published consensus targets sit near USD 23.18 for Macy's, USD 26.51 for Gap and USD 18.88 for Kohl's, and the Kohl's target is below its USD 21.14 price, so analysts see limited upside for it.

Macy's (NYSE:M): Down 0.98% After a Beat and Raise

Macy's (NYSE:M) fell USD 0.23 to USD 22.76 on 6.031 million shares, about 1.0 times its 3-month average of 5.75 million. No company release dated October 13, 2026 was found, so the catalyst is not identified. The most recent company news is the second quarter report on September 10, which the company called strong, with growth across all nameplates and Bloomingdale's driving gains. It raised full-year targets again, and published reports noted strong jewelry sales, yet shares dropped because third quarter guidance disappointed. On August 27 the board declared its quarterly dividend, and on September 8 it unveiled its fall fashion campaign. The company's own release remains the best place to check the guidance details. Macy's operates department stores and online brands including Macy's, Bloomingdale's and Bluemercury. Flat sales, consumer spending and the holiday season are the main risks, and department stores depend on a few heavy promotion periods. Trailing revenue is about USD 22.8 billion, up 0.4%, but trailing net income of about USD 750 million is up 52%, per published data, so the earnings growth filter passes through margin improvement, not sales growth. At USD 22.76 the shares are about 14% below the 52-week high of USD 26.59, simple arithmetic on a published figure. A P/E of 8.19 means about USD 8.19 is paid for each USD 1 of past-year earnings, among the lowest multiples for a large retailer, which reflects doubts about long-term sales. The published consensus is Hold from 13 analysts with a target near USD 23.18, which is barely above the price and is not our forecast.

Gap (NYSE:GAP): Flat at USD 22.78

Gap (NYSE:GAP) was unchanged at USD 22.78 on 5.165 million shares, about 0.7 times its 3-month average of 7.054 million. That price equals the October 12 close, so the reading may be a pre-open snapshot, and no catalyst is identified. In late August the company reported second quarter results and named a new chief executive for Old Navy, and published reports said the stock rose about 13%. In September it added Kirsten Green to its board, hired a Paramount executive to pursue partnerships beyond apparel and announced its first music partnership with the boy band Just Your Type. Athleta was named an apparel partner of the Golden State Valkyries. Fresh data after the open would settle whether the stock actually moved. Gap owns Old Navy, Gap, Banana Republic and Athleta. Fashion misses, tariffs, promotions and consumer spending are the main risks, and the stock has swung with each results report. Trailing revenue is about USD 15.3 billion, and net income of about USD 1.25 billion is up about 40%, per published data, so the earnings growth filter passes through margin gains. At USD 22.78 the shares are about 22% below the 52-week high of USD 29.36 and about 26% above the low of USD 18.11, simple arithmetic on published figures. A P/E of 7.22 means about USD 7.22 is paid for each USD 1 of past-year earnings, low for a retailer with global brands, which reflects doubts about growth and fashion cycles. The published consensus is Buy from 21 analysts with a target near USD 26.51, which is not our forecast.

Kohl's (NYSE:KSS): Down 0.17% Amid Put Bets

Kohl's (NYSE:KSS) fell USD 0.03 to USD 21.14 on 4.96 million shares, about 1.3 times its 3-month average of 3.913 million. No company release dated October 13, 2026 was found, so the catalyst is not identified. Published reports on October 12 described heavy bearish put options activity, which shows some investors positioning for a decline, though options flow is not a verdict. The most recent company items are small: a USD 1.5 million donation to Boys and Girls Clubs of America on October 9 and the appointment of Ryan Waymire as chief merchandising officer, effective September 28. After the August report, shares fell about 5.3% premarket despite the raised outlook. The company's own release remains the best place to check outlook details. Kohl's sells apparel, footwear, accessories, beauty and home goods through stores and a website. Falling sales, thin margins, debt and a weak consumer are the main risks, and the stock has nearly doubled from its 52-week low of USD 11.38 while trading about 16% below the high of USD 25.22, simple arithmetic on published figures. Published data show trailing revenue of about USD 15.4 billion, down 2.9%, and net income of about USD 270 million, up about 29%, so the earnings growth filter passes on cost and tariff refund effects, not on sales. Analysts are cautious: Telsey lifted its target to USD 18 from USD 17, BofA to USD 16 from USD 14 with an Underperform rating, and Baird to USD 20 from USD 19 with Neutral. A P/E of 8.42 means about USD 8.42 is paid for each USD 1 of past-year earnings. The published consensus is Hold from 14 analysts with a target near USD 18.88, below the price.

Where Things Stand

The answer is that no October 13 catalyst was found for any of the three, and low multiples reflect doubts about sales, not a verdict of value. Macy's (NYSE:M) slipped 0.98% after a beat and raise that disappointed on guidance. Gap (NYSE:GAP) was unchanged at a quote equal to the prior close. Kohl's (NYSE:KSS) slipped 0.17% amid bearish put activity. Their holiday quarters and results in November and December are the next tests.