Financial Performance - Macy's, Inc. reported net sales of $4.8 billion for Q2 2025, a decrease of 2.5% compared to Q2 2024, with comparable sales up 0.8% on an owned basis and up 1.9% on an O+L+M basis[4] - The company achieved GAAP diluted EPS of $0.31 and Adjusted diluted EPS of $0.41, both exceeding guidance[4] - Net income for the 13 weeks ended August 2, 2025, was $87 million, a decline of 42.0% compared to $150 million in the prior year[26] - Basic earnings per share for the 13 weeks ended August 2, 2025, were $0.32, down from $0.54 in the same period last year[26] - For the 26 weeks ended August 2, 2025, Macy's, Inc. reported a net income of $124 million, with diluted earnings per share of $0.44, down from $212 million and $0.75 per share for the same period in 2024[53] Sales and Revenue - Total revenue for the 26 weeks ended August 2, 2025, was $9,791 million, down 3.0% from $10,096 million in 2024[29] - Comparable sales on an owned-plus-licensed-plus-marketplace basis increased by 1.9% for the 13 weeks ended August 2, 2025, while comparable sales on an owned basis increased by 0.8%[47] - The company expects comparable owned-plus-licensed-plus-marketplace sales to decline approximately 1.5% to flat versus 2024[17] - The impact of departments licensed to third parties and marketplace sales contributed 1.1% to comparable sales for the 13 weeks ended August 2, 2025[47] Expenses and Margins - Adjusted EBITDA was $393 million, or 7.9% of total revenue, down from $438 million, or 8.6% of total revenue in Q2 2024[9] - The company's Adjusted EBITDA for the 13 weeks ended August 2, 2025, was $393 million, compared to $438 million for the same period in 2024[51] - Gross margin for the 26 weeks ended August 2, 2025, was $3,716 million, representing 39.5% of total revenue, compared to $3,899 million or 39.9% in 2024[29] - The company experienced a decrease in comparable sales on an owned basis of (0.6%) for the 26 weeks ended August 2, 2025[49] Shareholder Returns - The company returned $100 million to shareholders in Q2 2025, including $50 million in dividends and $50 million in share repurchases[4] - The company paid dividends totaling $100 million during the 26 weeks ended August 2, 2025, compared to $96 million in the same period last year[34] Debt and Cash Position - As of the end of Q2 2025, total debt was $2.6 billion, with a net reduction of long-term debt of approximately $340 million[10] - Cash and cash equivalents at the end of the period were $829 million, a decrease from $1,306 million at the beginning of the period[31] - Total assets as of August 2, 2025, were $15,551 million, down from $16,402 million as of February 1, 2025[31] - The company reported a net cash provided by operating activities of $255 million for the 26 weeks ended August 2, 2025, compared to $137 million in the prior year[34] - The company incurred $179 million in capital expenditures for property and equipment during the 26 weeks ended August 2, 2025[34] - Restricted cash amounted to $3 million as of August 2, 2025, included with cash and cash equivalents[6] Strategic Initiatives - The company plans to continue reinvesting savings from its Bold New Chapter strategy to support long-term sales growth[16] - Macy's, Inc. revised its annual guidance, projecting net sales between $21.15 billion and $21.45 billion for 2025, an increase from previous guidance[16] - The company reported a loss on extinguishment of debt of $13 million for the 13 weeks ended August 2, 2025[51] Taxation - The effective income tax rates for the 13 weeks ended August 2, 2025, and August 3, 2024, were 24.3% and 23.1%, respectively, influenced by state and local taxes[3]

Earnings Report - Macy's, Inc. is set to release its fourth-quarter earnings results on September 3, with analysts expecting earnings of 19 cents per share, a decrease from 53 cents per share in the same period last year [1] - The anticipated quarterly revenue is $4.7 billion, down from $4.94 billion a year earlier [1] - The company's board declared a regular quarterly dividend of 18.24 cents per share on August 22 [1] Stock Performance - Macy's shares increased by 2% to close at $13.49 on Tuesday [2] - Analysts have provided various ratings and price targets for Macy's stock, reflecting differing outlooks on the company's performance [2] Analyst Ratings - Telsey Advisory Group maintained a Market Perform rating with a price target of $14 [7] - JP Morgan maintained a Neutral rating and raised the price target from $12 to $16 [7] - Citigroup kept a Neutral rating and increased the price target from $11 to $12 [7] - Morgan Stanley maintained an Equal-Weight rating but reduced the price target from $14 to $12 [7] - Goldman Sachs downgraded the stock from Buy to Neutral and cut the price target from $17 to $12 [7]

Group 1 - The U.S. consumers are facing a new wave of price increases as companies from food giants to hardware chains warn that tariff costs are being passed on to retail prices [1][2] - Major retailers like Walmart, Target, and Best Buy have indicated that tariff-related price hikes are gradually reflected in the costs of grocery items, home goods, and electronics [1] - J.M. Smucker warned of a 22% drop in coffee profits due to tariffs, leading to further price increases [1] - Hormel Foods noted a sharp rise in commodity input costs after its quarterly performance fell short of expectations, resulting in a 12% drop in its stock price [1] - A recent ruling by a federal appeals court deemed most of Trump's global import tariffs unconstitutional, adding uncertainty to future costs for retailers and consumers [1] Group 2 - The former CEO of Gap expressed that the current situation is beyond control, indicating that businesses cannot determine the relationship between product costs, retail pricing, and profit margins [2] - Retail executives warned that more price increases are imminent as new inventory is procured at higher costs [2] - Walmart's CEO mentioned that the company is trying to maintain low prices as long as possible, but costs are expected to continue rising into the third and fourth quarters [2] - The economic pressure is forcing retailers to weigh how much cost can be absorbed and how much will inevitably be passed on to consumers [2] - A consumer confidence survey showed a nearly 6% decline in August compared to July, with inflation expectations rising from 4.5% to 4.8% [2] Group 3 - Consumer behavior in the U.S. is changing, with households across income levels becoming more selective about where and how they spend [3] - Whirlpool's CEO noted that consumers are starting to purchase lower-end products, while Procter & Gamble observed a slight downgrade in brand preferences [3] - The concept of "alternative consumption" is emerging, where consumers opt for cost-effective substitutes rather than purely downgrading [3] - Retailers like TJX, Ross, and Marshall's are benefiting as consumers seek lower-priced brand items [3]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, marking a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA advanced by 21%, reaching around $234 million, resulting in a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating profit increased by 17.7% to approximately $92.3 million [11] - Pro forma net loss was reported at $4.2 million due to significant foreign exchange losses [11][18] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and higher average fees [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [15] - Corporate accounts remained largely flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [16] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The pharmacy segment grew by 13%, driven by a 22% increase in average spend per client [16] - The overall market for medical services is influenced by purchasing power, particularly for elective services [17] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [6][10] - There is a commitment to expanding genetic testing and sequencing projects to enhance access to personalized medicine [9][11] - The company plans to maintain a low capital expenditure approach in the short term, prioritizing operational efficiency [10][21] Management's Comments on Operating Environment and Future Outlook - Management expects to maintain a stable trajectory while adapting to the evolving macroeconomic environment [9] - The company is closely monitoring potential impacts on purchasing power due to recent fiscal measures [9][17] - There is confidence in achieving budget targets for the full year, despite challenges from foreign exchange losses [38] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - A significant investment of over €2 million was made in diagnostic infrastructure, enhancing the company's capabilities [8] - The net debt to pro forma EBITDA ratio remains stable at 3.72% as of June 2025 [18][19] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by the end of the year [22][23] Question: What is the estimated impact of VAT on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [26][27] Question: What are the expectations for capital expenditures? - Capital expenditures are expected to remain low, with no significant investments planned for the third or fourth quarters [28][30] Question: How will rising energy costs affect the company? - Management does not foresee a major impact from rising energy costs, estimating a potential annual impact of €1 to €2 million [35][36] Question: What is the outlook for personnel expenses and public sector salary caps? - Recent government measures are expected to positively impact personnel expenses, with more doctors from the public sector willing to negotiate [42] Question: How does management plan to address currency risk? - Management is actively monitoring currency risks and has strategies in place to mitigate potential impacts [45][46]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth, driven by a 21% increase in lab tests performed [16] Market Data and Key Metrics Changes - The corporate segment accounted for 9.75% of total sales, remaining largely flat compared to the previous year, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] - The pharmacy segment represented 2.4% of total sales, with revenues growing by 13% due to a 22% increase in average spend per client [18] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [6][9] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [8] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a focus on operational efficiency [9][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a stable net debt to pro forma EBITDA ratio, despite challenges from foreign exchange fluctuations [22] - The company is preparing for various scenarios due to macroeconomic challenges, including potential impacts from VAT increases [20] - Management anticipates that new hospital units will reach breakeven by the end of the year, contributing positively to overall performance [26][28] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23] Q&A Session Summary Question: What is the current negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures in the near term? - Management confirmed that capital expenditures will be low, with no large investments planned for at least the third quarter [31][32] Question: How are rising energy costs affecting the company? - Management stated that rising energy costs are not expected to have a major impact, estimating a potential annual effect of €1 to €2 million [37][38] Question: What is the outlook for the full year in line with second-quarter results? - Management aims to fulfill the budget presented earlier in the year, despite challenges from foreign exchange rates [40][41]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [16] - Corporate accounts remained flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The company noted that the market for elective medical services may be affected by changes in purchasing power due to recent fiscal measures [9] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [7][10] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [9] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a cautious approach to capital expenditures [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of new hospital units, expecting them to reach breakeven by the end of the year [25][26] - The company is closely monitoring the impact of rising energy costs and potential government measures on purchasing power [37][39] - Management aims to fulfill the budget presented to investors and is optimistic about operational improvements despite foreign exchange losses [40][52] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23][32] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures? - Management confirmed that capital expenditures will be low, with no large investments planned for the third or fourth quarters [31][32] Question: How will rising energy costs affect the company? - Management stated that the impact of rising energy costs is minimal, estimating a potential annual impact of €1 to €2 million [37][38] Question: What is the outlook for the full year results? - Management aims to fulfill the budget presented earlier and is optimistic about operational performance despite challenges [40][41]

Financial Performance - The Group achieved a consolidated pro-forma turnover of RON 1.57 billion in H1 2025, a 20.3% increase compared to H1 2024 [19] - Pro-forma EBITDA increased by 21.2% to RON 234.2 million, with a margin of 16.1% [34] - IFRS Revenues recorded a solid 20% increase, with 16.2% driven by organic growth [50] - Net cash from operating activities declined by 41% compared to the same period last year [60] Acquisitions and Investments - The Group finalized the acquisition of Routine Med Group in Tulcea in February [21] - A majority stake in All Clinic in the Republic of Moldova was acquired in March [21] - The acquisition of Medstar Clinic Group in Cluj-Napoca was announced in June, with 2024 revenues of approximately RON 32 million [22] - The company launched the first AI assistant integrated into its mobile app [25] - The company enhanced its diagnostic infrastructure with the 2nd automated laboratory line in the Group, with an investment of over EUR 2 million [26] - The company acquired the Illumina sequencing technology with an initial investment of EUR 3 million [27] Operational KPIs - Hospitals revenue increased by 37.8% to RON 437.787 million [50] - Clinics revenue increased by 20.3% to RON 586.623 million [50] - Laboratories revenue increased by 18.4% to RON 172.790 million [50]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Macy's due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - Macy's is expected to report quarterly earnings of $0.19 per share, reflecting a year-over-year decrease of 64.2% [3] - Revenue projections stand at $4.74 billion, which is a 4% decline from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised 8.62% higher in the last 30 days, indicating a reassessment by analysts [4] - A positive Earnings ESP of +7.53% suggests analysts have recently become more optimistic about Macy's earnings prospects [12] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Macy's currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12] Historical Performance - In the last reported quarter, Macy's exceeded the expected earnings of $0.14 per share by delivering $0.16, resulting in a surprise of +14.29% [13] - Over the past four quarters, Macy's has beaten consensus EPS estimates three times [14] Conclusion - While Macy's is positioned as a compelling earnings-beat candidate, other factors should also be considered when evaluating the stock ahead of its earnings release [17]

Core Viewpoint - The collaboration between Macy's Media Network and Amazon Retail Ad Service signifies a transformative shift in the retail media advertising landscape, enhancing the advertising purchasing process and reflecting deep changes within the industry [1][2]. Collaboration Details: New Advertising Pathways - The partnership allows advertisers to purchase sponsored product ads directly on Macy's e-commerce site through Amazon's advertising platform, simplifying the advertising procurement process [2]. - Macy's aims to provide brands with easier access to advertising resources, breaking down traditional barriers in the advertising process [2]. - A pilot project is set to launch in the fall of this year to validate the collaboration model [2]. Industry Context: Competitive Landscape - The retail media advertising technology sector is experiencing intense competition, with emerging players like Koddi, Mirakl, and Topsort challenging established companies like Criteo [3]. - Despite initial concerns from retailers about partnering with Amazon due to competition and data privacy issues, Macy's decision to collaborate is seen as a significant move in the industry [3]. Data Security: Safeguarding Customer Information - Macy's will not share personally identifiable customer data with Amazon, instead opting for a limited data-sharing mechanism through AWS clean rooms to support sales attribution analysis [4]. - This approach aims to address industry concerns regarding data privacy while enabling effective advertising performance monitoring [4]. Industry Impact: Butterfly Effect in Retail Media - The partnership marks a significant shift in advertising dynamics, as it opens the door for larger retail groups to engage with Amazon's advertising services [7]. - The collaboration is expected to enhance advertising efficiency and effectiveness for advertisers, allowing for a more integrated approach to ad purchasing [8]. Competitive Dynamics: Traditional vs. Emerging Players - The collaboration poses a new challenge for traditional advertising technology firms like Criteo, which may face increased pressure on their market share due to the alliance between Macy's and Amazon [9]. - Criteo's recent struggles, including losing major clients, highlight the competitive pressures intensified by this partnership [9]. Future Outlook: Industry Chain Reactions - The collaboration may prompt other retailers to reconsider their partnerships with Amazon, potentially leading to broader adoption of Amazon's retail advertising services [10]. - Advertising technology firms will need to innovate and adapt to the competitive landscape shaped by this partnership, with a focus on enhancing their technological advantages [10]. - The trend towards decentralized and collaborative advertising strategies is expected to become more pronounced, requiring brands to refine their advertising approaches across multiple platforms [10]. Conclusion: Accelerating Change in Retail Media - The partnership between Macy's and Amazon is a catalyst for change in the retail media industry, influencing strategic choices, technological innovations, data security, and consumer rights [11].

Core Viewpoint - Myriad Uranium Corp. is initiating a follow-on non-brokered private placement financing to raise $125,000 by issuing 500,000 units at $0.25 per unit, with proceeds intended for general working capital [1][2]. Group 1: Financing Details - The financing will consist of 500,000 units, each unit comprising one common share and one-half of a common share purchase warrant, with each full warrant allowing the purchase of one share at an exercise price of $0.35 for 24 months [1]. - The financing is being conducted to meet the investment requirements of a key institutional investor [2]. - Securities issued will be subject to a four-month hold period in accordance with Canadian securities laws [2]. Group 2: Company Overview - Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, which has historical uranium deposits and mines, including the Arrowhead Mine that produced 500,000 lbs of U3O8 [4]. - The Copper Mountain project has seen extensive drilling, with approximately 2,000 boreholes drilled, indicating significant exploration potential [4]. - The company has also acquired a 100% interest in the Red Basin Uranium Project in New Mexico, which has a near-surface historical resource with grades ranging from 1,700 to 3,100 ppm [4]. Group 3: Additional Interests - Myriad holds a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Gold Inc. [5].