Macy’s (NYSE:M), down 11% in the last week, can’t catch a break. To the value investor, it’s trading at 7.5x next year’s earnings estimates and pays a 7.3% dividend yield. To the skeptic, it’s that dividend will likely get cut within the next few quarters and it’s still trading at a near 300% premium to its 2008 lows. There’s still plenty of downside for Macy’s. Comparable store sales that the company reported this week fell another 2.8% year over year - which includes online sales.

The hedge fund, Starboard Value, couldn’t convince the company to spin off its real estate nor could it convince Macy’s to get itself sold. Now, investors will likely continue to suffer in the interim. Even with the proverbial bar set so low, Macy’s is still struggling to show meaningful revenue and profit numbers. Earnings at Macy’s have fallen 38% this year and expected to fall another 17% next year. Meanwhile, its major peers aren’t doing "quite" as bad.

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