New York City, USA - December 1, 2013: Macy's Herald Square New York flagship department store ... [+] during night time. It is located at 151 W 34th St, New York, NY 10001.gettyMacy’s Inc. just reported another disappointing quarter with net sales down 2.4% to $4.7 billion. Not since first quarter 2022 has Macy’s Inc. reported positive year-over-year comps and that due to the post-pandemic bounce.CEO Tony Spring tried to deflect criticism with a statement, “Our third quarter results reflect the positive mo ...

Vancouver, British Columbia--(Newsfile Corp. - December 13, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing (the "Financing") (see Myriad's news release dated November 22, 2024). Under the over-subscribed Financing, Myriad raised gross proceeds of $2,988,600 through the issuance of 7,471,500 units (each, a "Unit") at a price of $0.40 per Unit. Each Unit is ...

Rating and Investment Approach - The analyst initially gave a hold rating to Macy's Inc in September due to lack of visibility on positive growth inflection and near-term uncertainties [1] - The analyst's investment approach combines value investing principles with a focus on long-term growth, aiming to buy quality companies at a discount to their intrinsic value and hold them for long-term compounding of earnings and shareholder returns [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-Q ________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 2, 2024. 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. ( ...

Core Viewpoint - Macy's has faced significant financial repercussions due to the revelation of over $150 million in concealed delivery costs, leading to a reduction in its annual profit outlook and raising concerns about internal controls [2][3][4]. Financial Impact - The concealed delivery expenses amounted to $151 million, prompting Macy's to lower its fiscal 2024 adjusted earnings per share guidance to a range of $2.25 to $2.50, down from a previous range of $2.34 to $2.69 [3][6]. - The company's net sales for the quarter ending November 2 fell by 2.4% to $4.7 billion, with comparable sales down 3.0% on an owned basis [7]. Operational Changes - Macy's is implementing stronger internal controls and additional changes to prevent future occurrences of such issues, as stated by the company's chairman and CEO [7]. - The company plans to close about 150 unproductive stores and focus on approximately 350 "go-forward" locations as part of its 'Bold New Chapter' strategy [10]. Performance by Segment - Bloomingdale's reported a net sales increase of 1.4%, with comparable sales up 1.0% on an owned basis, driven by strength in contemporary apparel, beauty, and digital sales [8]. - Bluemercury also saw a sales rise of 3.2%, marking its 15th consecutive quarter of comparable sales growth [8]. Governance and Oversight - Following the investigation, two members of Macy's audit committee have stepped down, although it was clarified that their departure was not due to disagreements with the company [9][10]. - Auditor KPMG indicated that the approval of internal controls in Macy's latest annual report was no longer valid [9]. Shareholder Actions - Activist investor Barington Capital Group, in collaboration with Thor Equities, is advocating for changes in Macy's capital allocation strategy, including potential structural actions to enhance shareholder value [11].

Core Insights - Macy's, Inc. reported third-quarter fiscal 2024 results with revenues exceeding estimates but earnings falling short, indicating a decline in both metrics compared to the previous year [1][4][5] Financial Performance - Adjusted earnings were 4 cents per share, below the Zacks Consensus Estimate of 7 cents, and down from 21 cents in the prior year [4] - Net sales reached $4,742 million, surpassing the consensus estimate of $4,729 million, but decreased by 2.4% year-over-year [5] - Comparable sales fell 2.4% on an owned basis and 1.3% on an owned-plus-licensed-plus-marketplace basis compared to the previous year [5][6] Strategic Initiatives - The company is implementing its "Bold New Chapter" strategy, focusing on brand strengthening, luxury growth acceleration, and operational optimization through digital enhancements and supply chain improvements [2] - Macy's is expanding its First 50 initiative, closing underperforming stores, and monetizing assets to reinvest in core business [3] Brand Performance - Comparable sales across Macy's declined 3% year-over-year on an owned basis, while Bloomingdale's saw a 1% increase on an owned basis [8] - Bluemercury brand experienced a 3.3% increase in comparable sales on an owned basis, marking 15 consecutive quarters of growth [9] Margins and Expenses - Gross margin decreased by 60 basis points to 39.6%, below the estimated 40.3% [10] - Selling, general and administrative (SG&A) expenses rose to $2.06 billion, a 1.2% increase from the previous year, with SG&A as a percentage of total revenues increasing by 150 basis points to 43.5% [11][12] Cash and Inventory Overview - As of the end of the fiscal second quarter, Macy's had cash and cash equivalents of $315 million and long-term debt of $2.77 billion [13] - Merchandise inventories increased by 3.9% year-over-year [13] Future Guidance - For Q4 fiscal 2024, Macy's anticipates net sales between $7.8 billion and $8 billion, with adjusted earnings per share expected to range from $1.40 to $1.65 [15][16] - The company has updated its fiscal 2024 outlook, projecting net sales of $22.3 billion to $22.5 billion, slightly improved from previous estimates [18] - Adjusted earnings per share for fiscal 2024 are forecasted to be between $2.25 and $2.50, down from prior estimates [22]

Core Viewpoint - Macy's is accelerating its store closures as part of a comprehensive strategy to revive its struggling business, now expecting to close about 65 locations this year, up from a previous forecast of 50 [1][2]. Group 1: Store Closures and Strategy - The closures will occur post-holiday, and the company remains on track to close a total of 150 locations over three years as part of its "Bold New Chapter" strategy announced in February [2]. - The closures are focused on underperforming stores where the economics are unfavorable and customer traffic has shifted away [4][5]. - The company plans to reduce its store count to approximately 350 once all closures are implemented, while also adding about 45 Bloomingdale's and Bluemercury locations, which have shown sales growth [6]. Group 2: Store Revamping and Performance - Part of the strategy includes revamping 50 key stores, which are intended to serve as prototypes for future Macy's locations, with sales at these upgraded stores rising by 1.9% during the third quarter [7]. - The company plans to open nine new stores and remodel two additional stores in the fourth quarter [8]. Group 3: Investor Sentiment - Activist investor Barington Capital Group has expressed optimism regarding the new plan, highlighting the potential for a healthier store base that could lead to consistent revenue growth and profit improvements [9].

Core Viewpoint - Macy's is undergoing a challenging period with declining sales and changing consumer habits, prompting the company to implement its Bold New Chapter strategy to modernize operations and improve profitability [1][2]. Group 1: Company Strategy - The Bold New Chapter strategy includes an initiative called First 50, focusing on revamping 50 key store locations as prototypes for future stores [2]. - The strategy aims to enhance customer experiences and create new growth opportunities through modernization [2][8]. - Leadership remains optimistic about the future, emphasizing personalized shopping experiences as a key goal [3][7]. Group 2: Financial Performance - Third-quarter results show a 1.9% increase in comparable sales at the revamped stores, marking the third consecutive quarter of growth [4]. - Overall net sales fell 2.4% to $4.7 billion, with comparable store sales also decreasing by 2.4%, attributed to weak performance at non-First 50 locations [6]. - Bloomingdale's and Bluemercury reported positive comparable sales growth of 1% and 3.3%, respectively, with Bluemercury achieving its 15th consecutive quarter of growth [5]. Group 3: Operational Improvements - The company is addressing operational efficiency by phasing out legacy technology and optimizing its supply chain to enhance customer experience [8]. - There is a focus on inventory management and the use of digital tools to improve both in-store and online shopping experiences [8][10]. - Leadership is encouraged by the performance of the First 50 stores, indicating a positive trend in customer spending and visits [9][10]. Group 4: Governance and Compliance - An independent investigation revealed an intentional accounting error by a single employee, hiding approximately $151 million in delivery expenses [12]. - The company stated that this issue did not impact reported net cash flows, inventories, or vendor payments, and is strengthening controls to prevent future occurrences [13].

Market Performance - U.S. stocks traded higher, with the Nasdaq Composite gaining over 300 points on Wednesday [1] - The Dow rose 0.49% to 44,296.79, the NASDAQ increased 1.70% to 20,022.55, and the S&P 500 gained 0.89% to 6,088.63 [1] Sector Performance - Communication services shares increased by 3.1% on Wednesday [2] - Health care shares fell by 1% during the same trading session [3] Company Earnings - Macy's Inc reported third-quarter sales of $4.74 billion, surpassing the consensus estimate of $4.72 billion [4] - The retailer's adjusted EPS was $0.04, down from $0.21 a year ago, but above the consensus of $0.03 [5] - Macy's expects 2024 sales to be between $22.3 billion and $22.5 billion, compared to prior guidance of $22.1 billion to $22.4 billion and a consensus of $22.42 billion [5] - The company anticipates 2024 adjusted EPS of $2.25 to $2.50, lower than the previous guidance of $2.34 to $2.69 and below the consensus of $2.73 [5] Stock Movements - Candel Therapeutics, Inc. shares surged 59% to $7.32 following positive Phase 3 clinical trial results [6] - AmpliTech Group, Inc. shares increased 74% to $1.73 after announcing the development of proprietary amplifiers [6] - SEALSQ Corp shares rose 101% to $1.15 [6] - Cellectar Biosciences, Inc. shares plummeted 76% to $0.30 due to strategic options announcement impacting all departments [7] - Q32 Bio Inc shares fell 73% to $6.60 after failing to meet primary endpoint in clinical trial [7] - TFF Pharmaceuticals, Inc. shares dropped 42% to $0.17 [7] Commodities - Oil prices increased by 2.1% to $70.00, while gold prices rose by 1.4% to $2,756.10 [8] European Market Performance - European shares were mostly higher, with the eurozone's STOXX 600 rising 0.28%, Germany's DAX up 0.34%, and France's CAC 40 gaining 0.39% [10] Asian Market Performance - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 0.01% and China's Shanghai Composite Index increasing by 0.29% [12]

macys inc ★macy's blomingdales BLUEMERCURY 3Q24 Earnings December 11, 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by ...