Key Points Company Participants - **Macy's, Inc. (NYSE:M)**: The focus of the call is on Macy's, a leading retailer in the United States. - **Jeff Gennette**: CEO of Macy's, discussing the company's leadership transition and strategic direction. - **Adrian Mitchell**: CFO and newly appointed COO of Macy's, discussing financial stability, operational efficiencies, and strategic initiatives. Leadership Transition - **Tony Spring**: Promoted to President and CEO-elect, taking over in February 2024. He has a strong background in retail and will focus on customer experience and brand building. - **Adrian Mitchell**: Elevated to COO, responsible for stores, supply chain, and technology. He has a strong track record in inventory management and omnichannel retailing. Financial Stability and Operational Efficiency - **Low Single-Digit Growth**: Macy's aims for low single-digit growth in the coming years. - **Double-Digit EBITDA**: The company expects a double-digit EBITDA profile in 2024 and beyond. - **Inventory Management**: Adrian Mitchell has been instrumental in reducing inventory levels and improving inventory control. Strategic Initiatives - **Customer Experience**: Macy's focuses on providing a seamless omnichannel experience and personalized offers. - **Private Brands**: The company is reimagining its private brand strategy, focusing on original design, fit, comfort, versatility, and value. - **Marketplace**: Macy's is expanding its marketplace model, offering customers more choice and driving growth. - **Luxury**: Macy's is investing in luxury categories, leveraging the strengths of Bloomingdale's and Bluemercury. - **Off-Mall Expansion**: Macy's is exploring off-mall locations, such as Market by Macy's and Bloomie's, to reach new customers. Market Dynamics - **Consumer Pressure**: The company expects continued pressure on the consumer due to inflation and economic uncertainty. - **Inventory Levels**: Macy's has reduced inventory levels and improved inventory control, positioning the company for flexibility and responsiveness. - **Category Trends**: Macy's is seeing a return to fashion categories and a strong performance in occasion-based wear and gifting. Future Outlook - **Profitable Growth**: Macy's aims for profitable growth in the future, driven by its strategic initiatives and disciplined execution. - **Cash Allocation**: The company focuses on preserving cash, investing in the business, and returning value to shareholders. Additional Important Points - **Customer Base**: Macy's is focused on engaging a broader base of customers across demographics and geographies. - **Technology**: Macy's is investing in technology to improve the customer experience and drive growth. - **Real Estate Strategy**: Macy's is exploring off-mall locations and reevaluating its mall-based stores. - **Capital Allocation**: The company is disciplined in its capital allocation, focusing on winning the customer, investing in the business, and returning value to shareholders.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 28, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-13536 Macy's, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3324058 (State or other jurisdiction of incorporation or org ...

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