Macy's, Inc. (NYSE:M) Q1 2024 Earnings Call Transcript May 21, 2024 8:00 AM ET Company Participants Pamela Quintiliano - VP of IR Tony Spring - Chairman and CEO Adrian Mitchell - COO and CFO Conference Call Participants Matthew Boss - JPMorgan Chase Warren Cheng - Evercore ISI Ashley Helgans - Jefferies Tracy Kogan - Citi Dana Telsey - Telsey Advisory Group Chuck Grom - Gordon Haskett Oliver Chen - TD Cowen Brooke Roach - Goldman Sachs Bob Drbul - Guggenheim Partners Operator Greetings and welcome to the Ma ...

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(Photo by Chris Hondros/Newsmakers)Getty ImagesAn embolden Tony Spring, Chairman and CEO of Macy’s, clearly defined the future by indicating that he was encouraged by the consumer’s response to Macy’s bold New Chapter strategy. In the first quarter it resulted in results near the high-end of expectation.“Our team executed with discipline and efficiency” said Tony Spring “It contributed to first quarter earnings that exceeded our expectations. At the Macy’s nameplate go-forward business performance was led ...

Macy's (M) reported $4.85 billion in revenue for the quarter ended April 2024, representing a year-over-year decline of 2.7%. EPS of $0.27 for the same period compares to $0.56 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.84 billion, representing a surprise of +0.21%. The company delivered an EPS surprise of +50.00%, with the consensus EPS estimate being $0.18.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they co ...

Key TakeawaysMacy's shares rose Tuesday as the retailer reported first-quarter results that declined from last year's levels, but not as much as analysts had expected.In the quarter, Macy's ended a proxy battle by appointing two new board members, and also announced a restructuring plan to close 150 locations as it looks to return to higher levels of profitability.The retailer also updated its guidance for the full fiscal year, lifting the bottom levels of the projected ranges for revenue and comparable sal ...

Retail concern Macy's Inc (NYSE:M) stepped into the earnings confessional this morning, where it reported better-then-expected first-quarter earnings and raised its full-year guidance. The department store chain said its turnaround plan was the key catalyst for its beat-and-raise.In response, M was last seen up 3.8% at $19.79. The equity is bouncing back above its contentious 60-day moving average, but the $20 mark continues to keep a lid on potential breakouts. Today's gains are also helping Macy's stock c ...

Macy's (M) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this department store operator would post earnings of $2.02 per share when it actually produced earnings of $2.45, delivering a surprise of 21.29%.Over the last four quarters, the compa ...

1Q24 Earnings May 21, 2024 Safe Harbor Statement All statements in this presentation 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, Inc.’s ...

Financial Performance - First quarter 2024 diluted EPS was $0.22 and adjusted diluted EPS was $0.27, compared to $0.56 in the first quarter of 2023[3]. - Net sales for the first quarter were $4.8 billion, a decrease of 2.7% compared to the first quarter of 2023[3]. - Comparable sales decreased by 1.2% on an owned basis and 0.3% on an owned-plus-licensed-plus-marketplace basis[3]. - Net income for the 13 weeks ended May 4, 2024, was $62 million, a decrease of 60% compared to $155 million for the same period in 2023[18]. - Adjusted net income, excluding certain items, was $77 million with diluted earnings per share of $0.27, compared to $157 million and $0.56 for the prior year[31]. - Adjusted EBITDA for the 13 weeks ended May 4, 2024, was $364 million, down from $468 million in the prior year[30]. Sales and Revenue - Other revenue was $154 million, representing 3.2% of net sales, a decline of 60 basis points from the first quarter of 2023[5]. - The company updated its 2024 net sales guidance to a range of $22.3 billion to $22.9 billion[8]. - Adjusted diluted EPS guidance for 2024 is projected to be between $2.55 and $2.90[8]. - The First 50 locations achieved comparable owned sales growth of 3.3% and owned-plus-licensed sales growth of 3.4%[1]. - Non-go-forward locations comparable sales decreased by 4.5% on both an owned and owned-plus-licensed basis[5]. - The company reported a gross margin decline, with net sales of $4,846 million for the 13 weeks ended May 4, 2024, compared to $4,982 million in the same period last year[20]. Expenses and Assets - Selling, general and administrative (SG&A) expenses were $1.9 billion, a decrease of $39 million year-over-year[6]. - Total current assets increased to $6,262 million as of May 4, 2024, compared to $6,089 million on April 29, 2023[16]. - Merchandise inventories rose to $4,687 million, up from $4,361 million year-over-year[16]. - Cash and cash equivalents at the end of the period were $879 million, up from $606 million a year earlier[18]. - Long-term debt remained stable at $2,998 million as of May 4, 2024, compared to $2,996 million in the previous year[16]. Comparisons and Trends - Comparable sales on an owned basis decreased by 1.2% for the 13 weeks ended May 4, 2024, compared to a 1.6% decrease in the same period last year[26]. - The period-to-period percentage change in net sales from stores in operation for the 13 weeks ended May 4, 2024, and April 29, 2023, includes all digital sales and excludes commissions from licensed departments[32]. - The company does not include amounts from licensed department or marketplace sales in its comparable sales calculations in accordance with GAAP[33]. - The gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023[6].

In its upcoming report, Macy's (M) is predicted by Wall Street analysts to post quarterly earnings of $0.18 per share, reflecting a decline of 67.9% compared to the same period last year. Revenues are forecasted to be $4.82 billion, representing a year-over-year decrease of 3.2%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 4.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this per ...