Delivered better-than-expected performance on
both top and bottom lines
Gross margin rate of 40.3%, up 160 basis points
year-over-year
Merchandise inventories down 6% year-over-year,
down 17% to 2019
Diluted EPS of $0.15 and Adjusted Diluted EPS
of $0.21
Macy’s, Inc. (NYSE: M) today reported financial results for the
third quarter of 2023 and updated its annual guidance.
“I’d like to thank our teams for executing well during the
quarter. We delivered better-than-expected top and bottom line
third quarter results and are entering the holiday period in a
healthy inventory position. Our portfolio of nameplates are leading
gift-giving destinations across the value spectrum offering
exclusive products. We have refined our gift assortment, simplified
our promotions and improved our shopping experience,” said Jeff
Gennette, chairman and chief executive officer of Macy’s, Inc.
"Looking forward we have strong continuity with Tony Spring
transitioning to CEO in February and I am confident he and our
leadership team will guide Macy’s, Inc. to sustainable long-term
profitable sales growth in the future.”
Third Quarter Highlights
Comparisons are to the third quarter of 2022 unless noted
otherwise. Comparisons to 2019 are provided, where appropriate, to
benchmark performance. Please refer to note 2 within the financial
tables regarding reclassifications of certain prior year
metrics.
- Diluted earnings per share of $0.15 and Adjusted diluted
earnings per share of $0.21.
- This compares to diluted earnings per share of $0.39 and
Adjusted diluted earnings per share of $0.52 in the third quarter
of 2022.
- Net sales of $5 billion, down 7% versus the third quarter of
2022.
- Brick-and-mortar sales decreased 7% versus the third quarter of
2022.
- Digital sales decreased 7% versus the third quarter of
2022.
- Comparable sales down 7.0% on an owned basis and down 6.3%
on an owned-plus-licensed basis.
- Highlights of the company's nameplates include:
- Macy’s comparable sales were down 7.6% on an owned basis and
down 6.7% on an owned-plus-licensed basis.
- Approximately 41.3 million active customers shopped the Macy’s
brand, on a trailing twelve-month basis.
- Star Rewards program members made up approximately 72% of
Macy's brand comparable owned-plus-licensed sales on a trailing
twelve-month basis.
- The Macy’s nameplate saw strength in beauty, particularly
fragrances and prestige cosmetics, women’s career sportswear, men’s
tailored and off-price with Backstage, while women’s casual
sportswear, big ticket and handbags were challenged.
- Bloomingdale’s comparable sales on an owned basis were down
3.2% and on an owned-plus-licensed basis were down 4.4%.
- Approximately 4.0 million active customers shopped the
Bloomingdale’s brand, on a trailing twelve-month basis.
- The Bloomingdale’s nameplate saw strength across beauty,
women’s contemporary apparel, shoes and the Bloomingdale’s outlet
locations, while men’s, home and designer handbags were soft.
- Bluemercury comparable sales were up 2.5% on an owned
basis.
- Approximately 683,000 active customers shopped the Bluemercury
brand, on a trailing twelve-month basis.
- The Bluemercury nameplate saw strength in skincare and color
cosmetic categories.
- Other revenue of $178 million, a $59 million decrease.
- Represented 3.7% of net sales, down from 4.5% in the prior year
period.
- Performance driven largely by net credit card revenue which
declined year-over-year due to the expected impact of higher
delinquency rates and bad debt levels within the portfolio.
- Inventory turnover, on a trailing twelve-month basis, was up
1% to 2022 and up 16% to 2019.
- Merchandise inventories were down 6% year-over-year and down
17% to 2019, reflecting ongoing disciplined inventory
management.
- Gross margin rate for the quarter was 40.3%, up from 38.7%
in the third quarter of 2022.
- Merchandise margin improved 110 basis points, due to lower
permanent markdowns within the Macy’s brand, as well as improved
freight expense, partially offset by planned changes in Macy’s
category mix.
- As disclosed in the second quarter, merchandise margin also
reflects the shift in timing of the company’s shortage recognition
informed by a June physical inventory count in certain
categories.
- Delivery expense as a percent of net sales improved 50 basis
points from the prior year reflecting improvements in merchandise
allocation resulting in reductions in packages per order and
distance traveled.
- Selling, general and administrative (“SG&A”) expense of
$2.0 billion, a $48 million decrease.
- SG&A expense as a percent of total revenue was 40.5%, 230
basis points higher compared to the third quarter of 2022,
reflecting the decline in sales year-over-year.
- SG&A expense dollars benefited from the company’s
commitment to ongoing expense discipline. SG&A expense dollars
were also favorable due to a roughly $10 million timing shift of
certain previously estimated expenses from the third quarter to the
fourth quarter.
Financial Highlights
All amounts in millions except percentages
and per share figures
Third Quarter
2023
2022
Net sales
$
4,860
$
5,230
Other revenue
178
237
Comparable Sales
Owned
(7.0
%)
Owned-plus-licensed
(6.3
%)
Gross margin
1,958
2,026
Gross margin rate
40.3
%
38.7
%
Selling, general and administrative
expenses
2,040
2,088
Net Income
43
108
Earnings before interest, taxes,
depreciation and amortization (EBITDA)
312
392
Diluted earnings per share (EPS)
0.15
0.39
Adjusted Net income
59
143
Adjusted EBITDA
334
439
Adjusted Diluted EPS
0.21
0.52
Merchandise inventories
6,025
6,403
2023 Guidance
The company updated its annual sales and earnings outlook to
reflect third quarter results. The outlook also reflects the risks
associated with an uncertain macro-economic climate and the related
pressures on consumers and provides flexibility to respond to
intra-quarter demand trends.
The full updated outlook for 2023, presented on a 53-week basis
unless otherwise noted, can be found in the presentation posted to
macysinc.com/investors.
Guidance as of
November 16, 2023
Guidance as of
August 22, 2023
Net sales
$22.9 billion to $23.2
billion
$22.8 billion to $23.2
billion
Comparable owned-plus-licensed sales
change (52 week basis)
Down 7% to down 6% versus
2022
Down 7.5% to down 6% versus
2022
Adjusted diluted earnings per share*
$2.88 - $3.13
$2.70 - $3.20
* Adjusted diluted EPS does not consider
the impact of any potential future share repurchases associated
with the company’s current share repurchase authorization.
The company does not provide reconciliations of the
forward-looking non-GAAP measures of comparable owned plus licensed
sales change and adjusted diluted earnings per share to the most
directly comparable forward-looking GAAP measures because the
timing and amount of excluded items are unreasonably difficult to
fully and accurately estimate. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to future results. See
Important Information Regarding Financial Measures.
Conference Call and Webcasts
A webcast of Macy's, Inc.’s call with analysts and investors to
report its third quarter of 2023 sales and earnings will be held
today (November 16, 2023) at 8:00 a.m. ET. Macy’s, Inc.’s webcast,
along with the associated presentation, is accessible to the media
and general public via the company's website at www.macysinc.com.
Analysts and investors may call 1-877-407-0832. A replay of the
conference call will be available on the company’s website or by
calling 1-877-660-6853, using passcode 13741401, about three hours
after the conclusion of the call. Additional information on Macy’s,
Inc., including past news releases, is available at
www.macysinc.com/newsroom.
Important Information Regarding Financial Measures
Please see the final pages of this news release for important
information regarding the calculation of the company’s non-GAAP
financial measures.
About Macy’s, Inc.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality
brands at great values from off-price to luxury. Across our iconic
nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we
help our customers express their unique style and celebrate special
moments, big and small. Headquartered in New York City, we operate
one of retail’s largest e-commerce businesses integrated with a
nationwide footprint to deliver the most convenient and seamless
shopping experience. Our purpose is to create a brighter future
with bold representation – so we can realize the full potential of
every one of us. For more information, visit macysinc.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including Macy’s
ability to successfully execute against its five growth vectors,
including the ability to realize the anticipated benefits
associated with the strategy, conditions to, or changes in the
timing of proposed real estate and other transactions, prevailing
interest rates and non-recurring charges, the effect of potential
changes to trade policies, store closings, competitive pressures
from specialty stores, general merchandise stores, off-price and
discount stores, manufacturers’ outlets, the Internet and catalogs
and general consumer spending levels, including the impact of the
availability and level of consumer debt, possible systems failures
and/or security breaches, the potential for the incurrence of
charges in connection with the impairment of tangible and
intangible assets, including goodwill, declines in credit card
revenues, Macy’s reliance on foreign sources of production,
including risks related to the disruption of imports by labor
disputes, regional or global health pandemics, and regional
political and economic conditions, the effect of weather,
inflation, inventory shortage, labor shortages, the amount and
timing of future dividends and share repurchases, our ability to
execute on our strategies and achieve expectations related to
environmental, social, and governance matters, and other factors
identified in documents filed by the company with the Securities
and Exchange Commission, including under the captions
“Forward-Looking Statements” and “Risk Factors” in the company’s
Annual Report on Form 10-K for the year ended January 28, 2023.
Macy’s disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
MACY’S, INC.
Consolidated Statements of Income (Unaudited) (Note
1)
(All amounts in millions except
percentages and per share figures)
13 Weeks Ended
October 28, 2023
13 Weeks Ended
October 29, 2022
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
4,860
$
5,230
Other revenue (Note 2)
178
3.7
%
237
4.5
%
Total revenue
5,038
5,467
Cost of sales
(2,902
)
(59.7
%)
(3,204
)
(61.3
%)
Selling, general and administrative
expenses
(2,040
)
(40.5
%)
(2,088
)
(38.2
%)
Gains on sale of real estate
5
0.1
%
32
0.6
%
Impairment, restructuring and other
costs
(15
)
(0.3
%)
(15
)
(0.3
%)
Operating income
86
1.7
%
192
3.5
%
Benefit plan income, net
2
7
Settlement charges
(7
)
(32
)
Interest expense, net
(35
)
(42
)
Income before income taxes
46
125
Federal, state and local income tax
expense (Note 3)
(3
)
(17
)
Net income
$
43
$
108
Basic earnings per share
$
0.16
$
0.40
Diluted earnings per share
$
0.15
$
0.39
Average common shares:
Basic
274.7
272.0
Diluted
277.6
277.7
End of period common shares
outstanding
273.7
271.0
Supplemental Financial Measures:
Gross Margin (Note 4)
$
1,958
40.3
%
$
2,026
38.7
%
Depreciation and amortization expense
$
231
$
225
MACY’S, INC.
Consolidated Statements of Income (Unaudited) (Note
1)
(All amounts in millions except
percentages and per share figures)
39 Weeks Ended
October 28, 2023
39 Weeks Ended
October 29, 2022
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
14,972
$
16,178
Other revenue (Note 2)
519
3.5
%
688
4.3
%
Total revenue
15,491
16,866
Cost of sales
(9,067
)
(60.6
%)
(9,856
)
(60.9
%)
Selling, general and administrative
expenses
(5,970
)
(38.5
%)
(6,005
)
(35.6
%)
Gains on sale of real estate
20
0.1
%
74
0.4
%
Impairment, restructuring and other
costs
(21
)
(0.1
%)
(25
)
(0.1
%)
Operating income
453
2.9
%
1,054
6.2
%
Benefit plan income, net
10
21
Settlement charges
(129
)
(32
)
Interest expense, net
(108
)
(131
)
Losses on early retirement of debt
—
(31
)
Income before income taxes
226
881
Federal, state and local income tax
expense (Note 3)
(51
)
(213
)
Net income
$
175
$
668
Basic earnings per share
$
0.64
$
2.43
Diluted earnings per share
$
0.63
$
2.37
Average common shares:
Basic
273.9
275.6
Diluted
277.7
282.0
End of period common shares
outstanding
273.7
271.0
Supplemental Financial Measures:
Gross Margin (Note 4)
$
5,905
39.4
%
$
6,322
39.1
%
Depreciation and amortization expense
$
665
$
638
MACY’S, INC.
Consolidated Balance Sheets (Unaudited) (Note
1)
(millions)
October 28, 2023
January 28, 2023
October 29, 2022
ASSETS:
Current Assets:
Cash and cash equivalents
$
364
$
862
$
326
Receivables
218
300
204
Merchandise inventories
6,025
4,267
6,403
Prepaid expenses and other current
assets
390
424
415
Income tax receivable
73
—
—
Total Current Assets
7,070
5,853
7,348
Property and Equipment – net
5,813
5,913
5,831
Right of Use Assets
2,784
2,683
2,699
Goodwill
828
828
828
Other Intangible Assets – net
431
432
433
Other Assets
1,185
1,157
1,091
Total Assets
$
18,111
$
16,866
$
18,230
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt
$
160
$
—
$
183
Merchandise accounts payable
3,466
2,053
3,861
Accounts payable and accrued
liabilities
2,388
2,750
2,678
Income taxes
—
58
21
Total Current Liabilities
6,014
4,861
6,743
Long-Term Debt
2,997
2,996
2,996
Long-Term Lease Liabilities
3,034
2,963
2,988
Deferred Income Taxes
925
947
884
Other Liabilities
997
1,017
1,144
Shareholders' Equity
4,144
4,082
3,475
Total Liabilities and Shareholders’
Equity
$
18,111
$
16,866
$
18,230
MACY’S, INC.
Consolidated Statements of Cash Flows (Unaudited) (Notes
1 and 5)
(millions)
39 Weeks Ended October 28,
2023
39 Weeks Ended October 29,
2022
Cash flows from operating activities:
Net income
$
175
$
668
Adjustments to reconcile net income to net
cash provided by operating activities:
Impairment, restructuring and other
costs
21
25
Settlement charges
129
32
Depreciation and amortization
665
638
Benefit plans
4
15
Stock-based compensation expense
45
44
Gains on sale of real estate
(20
)
(74
)
Amortization of financing costs and
premium on acquired debt
8
8
Deferred income taxes
(43
)
(70
)
Changes in assets and liabilities:
Decrease in receivables
82
93
Increase in merchandise inventories
(1,757
)
(2,019
)
Decrease (increase) in prepaid expenses
and other current assets
30
(56
)
Increase in merchandise accounts
payable
1,334
1,636
Decrease in accounts payable and accrued
liabilities
(305
)
(300
)
Decrease in current income taxes
(123
)
(73
)
Change in other assets and liabilities
(87
)
(79
)
Net cash provided by operating
activities
158
488
Cash flows from investing activities:
Purchase of property and equipment
(485
)
(655
)
Capitalized software
(264
)
(328
)
Disposition of property and equipment
36
122
Other, net
(3
)
(8
)
Net cash used by investing activities
(716
)
(869
)
Cash flows from financing activities:
Debt issued
311
1,891
Debt issuance costs
(1
)
(21
)
Debt repaid
(153
)
(1,998
)
Debt repurchase premium and expenses
—
(29
)
Dividends paid
(135
)
(130
)
Increase (decrease) in outstanding
checks
76
(117
)
Acquisition of treasury stock
(38
)
(601
)
Net cash provided (used) by financing
activities
60
(1,005
)
Net decrease in cash, cash equivalents and
restricted cash
(498
)
(1,386
)
Cash, cash equivalents and restricted cash
beginning of period
865
1,715
Cash, cash equivalents and restricted cash
end of period
$
367
$
329
MACY’S, INC.
Consolidated Financial Statements (Unaudited)
Notes:
(1)
As a result of the seasonal nature of the
retail business, the results of operations for the 13 and 39 weeks
ended October 28, 2023 and October 29, 2022 (which do not include
the Christmas season) are not necessarily indicative of such
results for the fiscal year.
(2)
Other Revenue is inclusive of the
following amounts due to the reclassification of Macy’s Media
Network net revenue from SG&A to Other Revenue.
Reclassifications were made to the prior year’s amounts to conform
with the classifications of such amounts in the most recent year.
All amounts in millions except percentages.
13 Weeks Ended October 28,
2023
13 Weeks Ended October 29,
2022
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
142
2.9
%
$
206
3.9
%
Macy's Media Network revenue, net
36
0.7
%
31
0.6
%
Other Revenue
$
178
3.7
%
$
237
4.5
%
Net Sales
$
4,860
$
5,230
39 Weeks Ended October 28,
2023
39 Weeks Ended October 29,
2022
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
424
2.8
%
$
601
3.7
%
Macy's Media Network revenue, net
95
0.6
%
87
0.5
%
Other Revenue
$
519
3.5
%
$
688
4.3
%
Net Sales
$
14,972
$
16,178
(3)
For the 13 weeks ended October 28, 2023,
income tax expense decreased $14 million versus the 13 weeks ended
October 29, 2022 due to lower income before income taxes.
Additionally, the effective tax rates for the 13 weeks ended
October 28, 2023 and October 29, 2022 were 6.5% and 13.6%,
respectively, and reflect a different effective tax rate as
compared to the Company’s Federal income tax statutory rate of 21%
primarily due to the recognition of return-to-provision adjustments
associated with the filings of the Company’s 2022 and 2021 U.S.
Federal income tax returns during each respective period.
For the 39 weeks ended October 28, 2023,
income tax expense decreased $162 million versus the 39 weeks ended
October 29, 2022 due to lower income before income taxes.
Additionally, the effective tax rates for the 39 weeks ended
October 28, 2023 and October 29, 2022 were 22.6% and 24.2%,
respectively, and reflect a different effective tax rate as
compared to the Company’s Federal income tax statutory rate of 21%
primarily due to the impact of state and local taxes.
(4)
Gross margin is defined as net sales less
cost of sales.
(5)
Restricted cash of $3 million has been
included with cash and cash equivalents as of October 28, 2023 and
October 29, 2022.
MACY’S, INC.
Important Information
Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures
provide users of the company's financial information with
additional useful information in evaluating operating performance.
Management believes that providing supplemental changes in
comparable sales on an owned-plus-licensed basis, which includes
adjusting for the impact of comparable sales of departments
licensed to third parties, assists in evaluating the company's
ability to generate sales growth, whether through owned businesses
or departments licensed to third parties, and in evaluating the
impact of changes in the manner in which certain departments are
operated. Earnings before interest, taxes, depreciation and
amortization (EBITDA) is a non-GAAP financial measure which the
company believes provides meaningful information about its
operational efficiency by excluding the impact of changes in tax
law and structure, debt levels and capital investment. In addition,
management believes that excluding certain items from EBITDA, net
income and diluted earnings per share that are not associated with
the company’s core operations and that may vary substantially in
frequency and magnitude from period-to-period provides useful
supplemental measures that assist in evaluating the company's
ability to generate earnings and to more readily compare these
metrics between past and future periods.
The company does not provide reconciliations of the
forward-looking non-GAAP measures of comparable owned plus licensed
sales change and adjusted diluted earnings per share to the most
directly comparable forward-looking GAAP measures because the
timing and amount of excluded items are unreasonably difficult to
fully and accurately estimate. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to future results.
Non-GAAP financial measures should be viewed as supplementing,
and not as an alternative or substitute for, the company's
financial results prepared in accordance with GAAP. Certain of the
items that may be excluded or included in non-GAAP financial
measures may be significant items that could impact the company's
financial position, results of operations or cash flows and should
therefore be considered in assessing the company's actual and
future financial condition and performance. Additionally, the
amounts received by the company on account of sales of departments
licensed to third parties are limited to commissions received on
such sales. The methods used by the company to calculate its
non-GAAP financial measures may differ significantly from methods
used by other companies to compute similar measures. As a result,
any non-GAAP financial measures presented herein may not be
comparable to similar measures provided by other companies.
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
(All amounts in millions except
percentages and per share figures)
Changes in Comparable Sales
13 Weeks Ended October 28, 2023
vs. 13 Weeks Ended October 29, 2022
Macy's, Inc.
Macy's
Bloomingdale's
Decrease in comparable sales on an owned
basis (Note 6)
(7.0
%)
(7.6
%)
(3.2
%)
Impact of departments licensed to third
parties (Note 7)
0.7
%
0.9
%
(1.2
%)
Decrease in comparable sales on an
owned-plus-licensed basis
(6.3
%)
(6.7
%)
(4.4
%)
39 Weeks Ended October 28, 2023
vs.
39 Weeks Ended October 29,
2022
Macy's, Inc.
Macy's
Bloomingdale's
Decrease in comparable sales on an owned
basis (Note 6)
(7.7
%)
(8.5
%)
(3.3
%)
Impact of departments licensed to third
parties (Note 7)
0.8
%
0.9
%
(0.5
%)
Decrease in comparable sales on an
owned-plus-licensed basis
(6.9
%)
(7.6
%)
(3.8
%)
Notes: (6)
Represents the period-to-period percentage
change in net sales from stores in operation for one full fiscal
year for the 13 and 39 weeks ended October 28, 2023 and October 29,
2022. Such calculation includes all digital sales and excludes
commissions from departments licensed to third parties. Stores
impacted by a natural disaster or undergoing significant expansion
or shrinkage remain in the comparable sales calculation unless the
store, or material portion of the store, is closed for a
significant period of time. Definitions and calculations of
comparable sales may differ among companies in the retail
industry.
(7)
Represents the impact of including the
sales of departments licensed to third parties occurring in stores
in operation throughout the year presented and the immediately
preceding year and all online sales, including Marketplace sales,
in the calculation of comparable sales. Macy’s and Bloomingdale’s
license third parties to operate certain departments in their
stores and online, including Macy’s and Bloomingdale’s digital
Marketplace, and receive commissions from these third parties based
on a percentage of their net sales, while Bluemercury does not
participate in licensed or Marketplace businesses. In its financial
statements prepared in conformity with GAAP, the company includes
these commissions (rather than sales of the departments licensed to
third parties and Marketplace) in its net sales. The company does
not, however, include any amounts in respect of licensed department
or Marketplace sales (or any commissions earned on such sales) in
its comparable sales in accordance with GAAP (i.e., on an owned
basis). The amounts of commissions earned on sales of departments
licensed to third parties and from the digital Marketplace are not
material to its net sales for the periods presented.
Non-GAAP financial measures, excluding certain items below,
are reconciled to the most directly comparable GAAP measure as
follows:
- EBITDA and adjusted EBITDA are reconciled to GAAP net
income.
- Adjusted net income is reconciled to GAAP net income.
- Adjusted diluted earnings per share is
reconciled to GAAP diluted earnings per share.
EBITDA and Adjusted EBITDA
13 Weeks Ended October 28,
2023
13 Weeks Ended October 29,
2022
Net income
$
43
$
108
Interest expense, net
35
42
Federal, state and local income tax
expense
3
17
Depreciation and amortization
231
225
EBITDA
312
392
Impairment, restructuring and other
costs
15
15
Settlement charges
7
32
Adjusted EBITDA
$
334
$
439
39 Weeks Ended October 28,
2023
39 Weeks Ended October 29,
2022
Net income
$
175
$
668
Interest expense, net
108
131
Losses on early retirement of debt
—
31
Federal, state and local income tax
expense
51
213
Depreciation and amortization
665
638
EBITDA
999
1,681
Impairment, restructuring and other
costs
21
25
Settlement charges
129
32
Adjusted EBITDA
$
1,149
$
1,738
Adjusted Net Income and Adjusted Diluted
Earnings Per Share
13 Weeks Ended October 28,
2023
13 Weeks Ended October 29,
2022
Net Income
Diluted Earnings Per Share
Net Income
Diluted Earnings Per Share
As reported
$
43
$
0.15
$
108
$
0.39
Impairment, restructuring and other
costs
15
0.05
15
0.05
Settlement charges
7
0.03
32
0.12
Income tax impact of certain items
identified above
(6
)
(0.02
)
(12
)
(0.04
)
As adjusted to exclude certain items
above
$
59
$
0.21
$
143
$
0.52
39 Weeks Ended October 28,
2023
39 Weeks Ended October 29,
2022
Net Income
Diluted Earnings Per Share
Net Income
Diluted Earnings Per Share
As reported
$
175
$
0.63
$
668
$
2.37
Impairment, restructuring and other
costs
21
0.07
25
0.09
Settlement charges
129
0.46
32
0.11
Losses on early retirement of debt
—
—
31
0.11
Income tax impact of certain items
identified above
(38
)
(0.13
)
(22
)
(0.08
)
As adjusted to exclude certain items
above
$
287
$
1.03
$
734
$
2.60
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116383854/en/
Media – Chris Grams communications@macys.com Investors
– Pamela Quintiliano investors@macys.com
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