GAAP EPS and Adjusted Diluted EPS of $0.53,
exceeded outlook
Gross margin rate of 40.5%, better than
outlook
Macy’s First 50 locations achieve second
consecutive quarter of positive comparable sales
Macy’s, Inc. (NYSE: M) today reported financial results for the
second quarter of 2024 and updated its annual guidance.
“During the second quarter, we delivered strong earnings
performance in a challenging consumer environment,” said Tony
Spring, chairman and chief executive officer of Macy’s, Inc. “Our
colleagues executed with discipline, supporting gross margin
expansion and effective expense control throughout the
organization. We are seeing signs of our strategy taking root,
including two consecutive quarters of positive comparable sales in
Macy’s First 50 locations. We are encouraged by the early traction
of our Bold New Chapter and remain committed to returning Macy’s,
Inc. to sustainable profitable growth.”
Second Quarter Highlights (comparisons are to the second
quarter of 2023)
- Diluted earnings per share of $0.53 and Adjusted diluted
earnings per share of $0.53.
- Compares to diluted loss per share of $(0.08) and Adjusted
diluted earnings per share of $0.26 in the second quarter of
2023.
- Net sales of $4.9 billion decreased 3.8%.
- Comparable sales down 4.0% on an owned basis and down 3.3%
on an owned-plus-licensed-plus-marketplace basis.
- Macy’s, Inc. go-forward business comparable sales, inclusive of
go-forward locations and digital across nameplates, down 3.8% on an
owned basis and down 3.0% on an
owned-plus-licensed-plus-marketplace basis.
- Nameplate sales highlights include:
- Macy’s net sales down 4.4%. Comparable sales down 4.5% on an
owned basis and down 3.6% on an
owned-plus-licensed-plus-marketplace basis.
- Macy’s go-forward business comparable sales, inclusive of
Macy’s go-forward locations and digital, down 4.3% on an owned
basis and down 3.3% on an owned-plus-licensed-plus-marketplace
basis.
- Go-forward locations comparable sales down 2.4% on an owned
basis and down 2.3% on an owned-plus-licensed basis.
- First 50 locations comparable sales, included within go-forward
locations comparable sales, up 0.8% on an owned basis and up 1.0%
on an owned-plus-licensed basis.
- Non-First 50 go-forward locations comparable sales, included
within go-forward locations comparable sales, down 3.8% on an owned
basis and down 3.7% on an owned-plus-licensed basis.
- Macy’s non-go-forward locations comparable sales down 6.5% on
both an owned and owned-plus-licensed basis.
- Bloomingdale’s net sales down 0.2%. Comparable sales down
1.1% on an owned basis and down 1.4% on an
owned-plus-licensed-plus-marketplace basis.
- Bluemercury net sales up 1.7%. Comparable sales were up 2.0%
on an owned basis.
- Other revenue of $159 million increased $9 million.
- Represented 3.2% of net sales, an increase of 30 basis
points.
- Credit card revenues, net increased $5 million to $125 million.
Net credit losses were in line with our expectations. As a
reminder, in the second quarter of 2023, credit card revenues were
negatively impacted by a change in net credit loss trends.
- Macy’s Media Network revenue, net rose $4 million to $34
million driven by higher advertiser and campaign counts.
- Merchandise inventories1 increased 6.0%.
- Inventories were higher than expected due to second quarter
sales results as well as the decision to invest into areas of
strength for the second half of 2024.
- The conversion to cost accounting was estimated to account for
approximately half of the increase from the prior year.
- Gross margin rate1 of 40.5% increased 240 basis points.
- Merchandise margin increased 210 basis points driven by lower
year over year discounting, favorable shortage due to the company’s
asset protection work, and partially by the company’s shift to cost
accounting.
- Delivery expense as a percent of net sales improved 30 basis
points driven by lower shipped sales volumes and improved delivery
expense control reflecting cost savings and process re-engineering
initiatives.
- Selling, general and administrative (“SG&A”) expense of
$2.0 billion decreased $7 million.
- SG&A expense as a percent of total revenue was 38.7%, 120
basis points higher due to lower net sales.
- SG&A expense dollars benefited from the company’s cost
controls while it protected customer-facing investments,
particularly in First 50 locations.
- Asset sale gains of $36 million increased $32 million due to
an earlier-than-expected non-go-forward asset sale.
2024 Guidance
The company updated its annual outlook to reflect a more
discriminating consumer and heightened promotional environment
relative to its prior expectations. The company believes the
outlook range provided gives the flexibility to address the ongoing
uncertainty in the discretionary consumer market. The company is
reaffirming its annual Adjusted diluted earnings per share outlook.
The company continues to view 2024 as a transition and investment
year, which includes investments in key customer-focused strategic
initiatives. Supported by the company’s strong balance sheet, the
company will continue to focus on enhancing gross margin and
exercising expense control to protect profitability while
navigating ongoing macro headwinds.
The full updated outlook for 2024, presented on a 52-week basis,
can be found in the presentation posted to
macysinc.com/investors.
Guidance as of August 21,
2024
Guidance as of May 21, 2024
Net sales
$22.1 billion to $22.4
billion
$22.3 billion to $22.9
billion
Comparable
owned-plus-licensed-plus-marketplace sales change (52 week
basis)
Down ~2.0% to down ~0.5% versus
2023
Down ~1.0% to up 1.5% versus
2023
Adjusted diluted earnings per share
unchanged
$2.55 - $2.90
1: Inventories and Gross Margin are not
directly comparable to the prior year given the recent conversion
to cost accounting.
Adjusted diluted EPS excludes any potential impact from the
credit card late fee ruling, which was stayed on May 10, 2024.
Additionally, the impact of any potential future share repurchases
associated with the company’s current share repurchase
authorization is also excluded.
The company does not provide reconciliations of the
forward-looking non-GAAP measures of comparable
owned-plus-licensed-plus-marketplace 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 second quarter of 2024 sales and earnings will be held
today (August 21, 2024) at 8:00 a.m. EDT. 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 13747963, 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.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands
through our iconic nameplates – Macy’s, Bloomingdale’s and
Bluemercury. Headquartered in New York City, our comprehensive
digital and nationwide footprint empowers us to deliver a seamless
shopping experience for our customers. 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 implement its A Bold New Chapter strategy,
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, and 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 February 3, 2024.
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 Operations (Unaudited) (Note
1)
(All amounts in millions except
percentages and per share figures)
13 Weeks Ended August 3, 2024
13 Weeks Ended July 29, 2023
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
4,937
$
5,130
Other revenue (Note 2)
159
3.2
%
150
2.9
%
Total revenue
5,096
5,280
Cost of sales
(2,938
)
(59.5
%)
(3,176
)
(61.9
%)
Selling, general and administrative
expenses
(1,973
)
(38.7
%)
(1,980
)
(37.5
%)
Gains on sale of real estate
36
0.7
%
4
0.1
%
Impairment, restructuring and other
benefits (costs)
1
—
%
(4
)
(0.1
%)
Operating income
222
4.4
%
124
2.3
%
Benefit plan income, net
4
4
Settlement charges
—
(122
)
Interest expense, net
(31
)
(36
)
Income (loss) before income taxes
195
(30
)
Federal, state and local income tax
(expense) benefit (Note 3)
(45
)
8
Net income (loss)
$
150
$
(22
)
Basic earnings (loss) per share
$
0.54
$
(0.08
)
Diluted earnings (loss) per share
$
0.53
$
(0.08
)
Average common shares:
Basic
277.7
273.8
Diluted
281.6
273.8
End of period common shares
outstanding
277.4
273.6
Supplemental Financial Measures:
Gross Margin (Notes 4 and 5)
$
1,999
40.5
%
$
1,954
38.1
%
Depreciation and amortization expense
$
213
$
215
MACY’S, INC.
Consolidated Statements of Income (Unaudited) (Note
1)
(All amounts in millions except
percentages and per share figures)
26 Weeks Ended
August 3, 2024
26 Weeks Ended
July 29, 2023
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
9,783
$
10,112
Other revenue (Note 2)
313
3.2
%
341
3.4
%
Total revenue
10,096
10,453
Cost of sales
(5,884
)
(60.1
%)
(6,164
)
(61.0
%)
Selling, general and administrative
expenses
(3,884
)
(38.5
%)
(3,930
)
(37.6
%)
Gains on sale of real estate
37
0.4
%
15
0.1
%
Impairment, restructuring and other
costs
(19
)
(0.2
%)
(6
)
(0.1
%)
Operating income
346
3.4
%
368
3.5
%
Benefit plan income, net
8
8
Settlement charges
—
(122
)
Interest expense, net
(62
)
(73
)
Income before income taxes
292
181
Federal, state and local income tax
expense (Note 3)
(80
)
(48
)
Net income
$
212
$
133
Basic earnings per share
$
0.77
$
0.49
Diluted earnings per share
$
0.75
$
0.48
Average common shares:
Basic
276.9
273.5
Diluted
281.3
277.8
End of period common shares
outstanding
277.4
273.6
Supplemental Financial Measures:
Gross Margin (Notes 4 and 5)
$
3,899
39.9
%
$
3,948
39.0
%
Depreciation and amortization expense
$
429
$
433
MACY’S, INC.
Consolidated Balance Sheets (Unaudited) (Note
1)
(millions)
August 3, 2024
February 3, 2024
July 29, 2023
ASSETS:
Current Assets:
Cash and cash equivalents
$
646
$
1,034
$
438
Receivables
268
293
223
Merchandise inventories (Note 5)
4,378
4,361
4,129
Prepaid expenses and other current
assets
403
401
411
Income tax receivable
12
—
70
Total Current Assets
5,707
6,089
5,271
Property and Equipment – net
5,234
5,308
5,876
Right of Use Assets
2,345
2,305
2,692
Goodwill
828
828
828
Other Intangible Assets – net
428
430
431
Other Assets
1,291
1,286
1,206
Total Assets
$
15,833
$
16,246
$
16,304
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Short-term debt
$
6
$
—
$
—
Merchandise accounts payable
1,871
1,913
1,978
Accounts payable and accrued
liabilities
1,990
2,434
2,206
Income taxes
—
83
—
Total Current Liabilities
3,867
4,430
4,184
Long-Term Debt
2,993
2,998
2,997
Long-Term Lease Liabilities
3,013
2,986
2,975
Deferred Income Taxes
725
745
933
Other Liabilities
932
950
1,005
Shareholders' Equity
4,303
4,137
4,210
Total Liabilities and Shareholders’
Equity
$
15,833
$
16,246
$
16,304
MACY’S, INC.
Consolidated Statements of Cash Flows (Unaudited) (Notes
1 and 6)
(millions)
26 Weeks Ended August 3, 2024
26 Weeks Ended July 29, 2023
Cash flows from operating activities:
Net income
$
212
$
133
Adjustments to reconcile net income to net
cash provided by operating activities:
Impairment, restructuring and other
costs
19
6
Settlement charges
—
122
Depreciation and amortization
429
433
Benefit plans
1
3
Stock-based compensation expense
28
30
Gains on sale of real estate
(37
)
(15
)
Amortization of financing costs and
premium on acquired debt
5
5
Deferred income taxes
(35
)
(46
)
Changes in assets and liabilities:
Decrease in receivables
25
77
Decrease in merchandise inventories
39
138
(Increase) decrease in prepaid expenses
and other current assets
(10
)
10
Decrease in merchandise accounts
payable
(32
)
(53
)
Decrease in accounts payable and accrued
liabilities
(369
)
(418
)
Decrease in current income taxes
(88
)
(121
)
Change in other assets and liabilities
(50
)
(33
)
Net cash provided by operating
activities
137
271
Cash flows from investing activities:
Purchase of property and equipment
(271
)
(390
)
Capitalized software
(161
)
(174
)
Disposition of property and equipment
51
32
Other, net
8
1
Net cash used by investing activities
(373
)
(531
)
Cash flows from financing activities:
Debt repaid
(1
)
(1
)
Dividends paid
(96
)
(90
)
Decrease in outstanding checks
(55
)
(35
)
Acquisition of treasury stock
—
(38
)
Net cash used by financing activities
(152
)
(164
)
Net decrease in cash, cash equivalents and
restricted cash
(388
)
(424
)
Cash, cash equivalents and restricted cash
beginning of period
1,037
865
Cash, cash equivalents and restricted cash
end of period
$
649
$
441
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 26 weeks
ended August 3, 2024 and July 29, 2023 (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. All amounts in millions except percentages.
13 Weeks Ended August 3, 2024
13 Weeks Ended July 29, 2023
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
125
2.5
%
$
120
2.3
%
Macy's Media Network revenue, net
34
0.7
%
30
0.6
%
Other Revenue
$
159
3.2
%
$
150
2.9
%
Net Sales
$
4,937
$
5,130
26 Weeks Ended August 3, 2024
26 Weeks Ended July 29, 2023
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
242
2.5
%
$
282
2.8
%
Macy's Media Network revenue, net
71
0.7
%
59
0.6
%
Other Revenue
$
313
3.2
%
$
341
3.4
%
Net Sales
$
9,783
$
10,112
(3)
The income tax expense of $45 million and
$80 million, or 23.1% and 27.4% of pretax income, for the 13 and 26
weeks ended August 3, 2024 and income tax benefit of $8 million and
expense of $48 million, or 26.7% of pretax loss and 26.5% of pretax
income, for the 13 and 26 weeks ended July 29, 2023, respectively,
reflect a different effective tax rate as compared to the Company’s
federal income tax statutory rate of 21%. The income tax effective
rates for the 13 and 26 weeks ended August 3, 2024 and July 29,
2023 were impacted primarily by the effect of state and local
taxes.
(4)
Gross margin is defined as net sales less
cost of sales.
(5)
Gross margin and merchandise inventories
are not directly comparable to the prior year given the recent
conversion to cost accounting.
(6)
Restricted cash of $3 million has been
included with cash and cash equivalents as of August 3, 2024 and
July 29, 2023.
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-plus-marketplace basis,
which includes adjusting for the impact of comparable sales of
departments licensed to third parties and marketplace sales,
assists in evaluating the company's ability to generate sales
growth, whether through owned businesses, departments licensed to
third parties or marketplace sales, 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-plus-marketplace 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 and marketplace sales 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 August 3, 2024 vs.
13 Weeks Ended July 29, 2023
Macy's, Inc.
Macy's
Decrease in comparable sales on an owned
basis (Note 7)
(4.0
%)
(4.5
%)
Impact of departments licensed to third
parties and marketplace sales (Note 8)
0.7
%
0.9
%
Decrease in comparable sales on an
owned-plus-licensed-plus-marketplace basis
(3.3
%)
(3.6
%)
13 Weeks Ended August 3, 2024
vs.
13 Weeks Ended July 29, 2023
Macy's, Inc. go-forward
business
Macy's go-forward business
Bloomingdale's*
Bluemercury
Increase (decrease) in comparable sales on
an owned basis (Note 7)
(3.8
)%
(4.3
)%
(1.1
%)
2.0
%
Impact of departments licensed to third
parties and marketplace sales (Note 8)
0.8
%
1.0
%
(0.3
%)
—
%
Increase (decrease) in comparable sales on
an owned-plus-licensed-plus-marketplace basis
(3.0
%)
(3.3
%)
(1.4
%)
2.0
%
*Bloomingdale’s excludes one
non-go-forward location.
13 Weeks Ended August 3, 2024
vs.
13 Weeks Ended July 29, 2023
Macy's First 50 locations
Macy's Non-First 50 go-forward
locations
Macy's go-forward locations
Macy's non-go-forward
locations
Increase (decrease) in comparable sales on
an owned basis (Note 7)
0.8
%
(3.8
%)
(2.4
%)
(6.5
%)
Impact of departments licensed to third
parties (Note 8)
0.2
%
0.1
%
0.1
%
—
%
Increase (decrease) in comparable sales on
an owned-plus-licensed basis
1.0
%
(3.7
%)
(2.3
%)
(6.5
%)
26 Weeks Ended August 3, 2024 vs.
26 Weeks Ended July 29, 2023
Macy's, Inc.
Macy's
Decrease in comparable sales on an owned
basis (Note 7)
(2.6
%)
(3.1
%)
Impact of departments licensed to third
parties and marketplace sales (Note 8)
0.8
%
1.1
%
Decrease in comparable sales on an
owned-plus-licensed-plus-marketplace basis
(1.8
%)
(2.0
%)
26 Weeks Ended August 3, 2024
vs.
26 Weeks Ended July 29, 2023
Macy's, Inc. go-forward
business
Macy's go-forward business
Bloomingdale's*
Bluemercury
Increase (decrease) in comparable sales on
an owned basis (Note 7)
(2.3
)%
(2.8
)%
(0.1
%)
3.0
%
Impact of departments licensed to third
parties and marketplace sales (Note 8)
0.9
%
1.1
%
(0.5
%)
—
%
Increase (decrease) in comparable sales on
an owned-plus-licensed-plus-marketplace basis
(1.4
%)
(1.7
%)
(0.6
%)
3.0
%
*Bloomingdale’s excludes one
non-go-forward location.
26 Weeks Ended August 3, 2024
vs.
26 Weeks Ended July 29, 2023
Macy's First 50 locations
Macy's Non-First 50 go-forward
locations
Macy's go-forward locations
Macy's non-go-forward
locations
Increase (decrease) in comparable sales on
an owned basis (Note 7)
2.0
%
(2.5
%)
(1.2
%)
(5.5
%)
Impact of departments licensed to third
parties (Note 8)
0.1
%
—
%
0.1
%
—
%
Increase (decrease) in comparable sales on
an owned-plus-licensed basis
2.1
%
(2.5
%)
(1.1
%)
(5.5
%)
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
(loss).
- Adjusted net income is reconciled to GAAP net income
(loss).
- Adjusted diluted earnings per share is reconciled to GAAP
diluted earnings (loss) per share.
EBITDA and Adjusted EBITDA
13 Weeks Ended August 3, 2024
13 Weeks Ended July 29, 2023
Net income (loss)
$
150
$
(22
)
Interest expense, net
31
36
Federal, state and local income tax
expense (benefit)
45
(8
)
Depreciation and amortization
213
215
EBITDA
439
221
Impairment, restructuring and other
(benefits) costs
(1
)
4
Settlement charges
—
122
Adjusted EBITDA
$
438
$
347
26 Weeks Ended August 3, 2024
26 Weeks Ended July 29, 2023
Net income
$
212
$
133
Interest expense, net
62
73
Federal, state and local income tax
expense
80
48
Depreciation and amortization
429
433
EBITDA
783
687
Impairment, restructuring and other
costs
19
6
Settlement charges
—
122
Adjusted EBITDA
$
802
$
815
Adjusted Net Income and Adjusted Diluted Earnings Per Share
13 Weeks Ended August 3, 2024
13 Weeks Ended July 29, 2023
Net Income
Diluted Earnings Per Share
Net Income (Loss)
Diluted Earnings (Loss) Per
Share
As reported
$
150
$
0.53
$
(22
)
$
(0.08
)
Impairment, restructuring and other
(benefits) costs
(1
)
—
4
0.01
Settlement charges
—
—
122
0.44
Income tax impact of certain items
identified above
—
—
(33
)
(0.11
)
As adjusted to exclude certain items
above
$
149
$
0.53
$
71
$
0.26
26 Weeks Ended August 3, 2024
26 Weeks Ended July 29, 2023
Net Income
Diluted Earnings Per Share
Net Income
Diluted Earnings Per Share
As reported
$
212
$
0.75
$
133
$
0.48
Impairment, restructuring and other
costs
19
0.07
6
0.01
Settlement charges
—
—
122
0.44
Income tax impact of certain items
identified above
(5
)
(0.02
)
(33
)
(0.11
)
As adjusted to exclude certain items
above
$
226
$
0.80
$
228
$
0.82
Notes: (7)
Represents the period-to-period percentage
change in net sales from stores in operation for one full fiscal
year for the 13 and 26 weeks ended August 3, 2024 and July 29,
2023. Such calculation includes all digital sales and excludes
commissions from departments licensed to third parties and
marketplace. 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.
(8)
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 its stores
and online 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821050648/en/
Media – Chris Grams communications@macys.com Investors
– Pamela Quintiliano investors@macys.com
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