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 ...

Financial Data and Key Metrics Changes - Total net sales for Q3 2024 were $4.7 billion, down 2.4% year-over-year, consistent with previous reports [43][54] - Adjusted EPS for Q3 was $0.04, benefiting from asset sale gains, but negatively impacted by delivery expense adjustments [15][53] - Gross margin rate was 39.6%, down 60 basis points year-over-year, with merchandise margin declining 70 basis points [48][49] - SG&A expenses were $2.1 billion, representing 42.1% of total revenue, reflecting a disciplined approach to cost control [51] Business Line Data and Key Metrics Changes - The first 50 Macy's locations reported a positive comp of 1.9%, marking three consecutive quarters of growth [18][67] - Bloomingdale's net sales increased by 1.4% with comps rising 3.2%, driven by women's advanced contemporary apparel and beauty products [26][27] - Bluemercury achieved a 3.3% comp increase, marking its 15th consecutive quarter of positive comps [29] Market Data and Key Metrics Changes - The overall enterprise comps were down 1.3%, with Macy's nameplate comps down 2.2% [43][62] - The luxury segments, including Bloomingdale's and Bluemercury, are expected to collectively grow by 2% to 2.5% [62] Company Strategy and Development Direction - The company is focused on its "Bold New Chapter" strategy, aiming for sustainable profitable growth through improved customer experience and operational efficiency [10][17] - The strategy includes closing approximately 65 non-go-forward locations, up from previous estimates, to enhance profitability [53][115] - Investments in staffing and merchandising are being made to improve customer experience, particularly in high-touch categories like women's shoes and handbags [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about quarter-to-date sales trends, which remain above Q3 levels, despite challenges from unseasonably warm weather [34][56] - The company anticipates a competitive environment for the holiday season but is encouraged by recent improvements in customer engagement and sales [80][96] - The outlook for Q4 2024 includes expected net sales of $7.8 billion to $8 billion, with a cautious approach to consumer spending [57][62] Other Important Information - The company has identified and implemented additional controls to prevent accounting issues from recurring, following an investigation into erroneous entries [11][13] - The company plans to continue its focus on improving inventory management and fulfillment efficiency [32][50] Q&A Session Summary Question: Drivers of comp improvement and sustainability - Management highlighted the positive performance of the First 50 locations as a leading indicator of growth potential, with expectations for expansion in 2025 [74][92] Question: Confidence in test locations and profitability - Management expressed confidence in the transferability of successful initiatives from test locations to broader operations, emphasizing the importance of customer response [90][91] Question: Gross margin outlook and promotional environment - Management acknowledged the competitive landscape and consumer pressure, indicating adjustments to promotional strategies while maintaining focus on profitability [94][96] Question: Performance of smaller format stores and margin analysis - Management reported positive responses to smaller format stores and discussed the impact of weather and competition on merchandise margins [116][121] Question: Guidance assumptions and private brand development - Management indicated that the guidance reflects sequential improvements across various business dimensions, with private brands playing a key role in meeting consumer value expectations [126][130]

Macy's provided an update on the former employee who was responsible for hiding approximately $151 million of cumulative delivery expenses over the past three years.  "We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance," Macy's CEO Tony Spring said in a statement. Ticker Security Last Change Change % M MACY'S INC. 16.16 +0.18 +1.16% One ...

For the quarter ended October 2024, Macy's (M) reported revenue of $4.74 billion, down 2.4% over the same period last year. EPS came in at $0.04, compared to $0.21 in the year-ago quarter.The reported revenue represents a surprise of +0.28% over the Zacks Consensus Estimate of $4.73 billion. With the consensus EPS estimate being $0.07, the EPS surprise was -42.86%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next ...

Macy’s said an investigation into accounting problems found that a rogue employee hid more than $151 million in expenses to cover up a bookkeeping mistake and wasn’t motivated by personal or financial gain, according to a report.News of the accounting coverup in late November delayed the company’s quarterly earnings report and sent its shares tumbling. The department store giant’s shares slid by more than 11% on Wednesday after Macy’s cut its profit outlook for the year. 3 Macy’s chief executive Tony Spri ...

Key TakeawaysMacy's shares fell Wednesday morning after the retailer posted its delayed earnings report, pushed back last month after an accounting issue was discovered.Sales fell short of what analysts had expected, with sales declining at Macy's stores and rising at its higher-end brands Bloomingdale's and Bluemercury.The company's probe into an accounting issue has ended, and found that a single employee acted alone in covering up some $151 million in expenses since 2021. Macy's (M) shares fell Wednesday ...

Macy's (M) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -42.86%. A quarter ago, it was expected that this department store operator would post earnings of $0.32 per share when it actually produced earnings of $0.53, delivering a surprise of 65.63%.Over the last four quarters, the c ...

On Wednesday, Macy’s Inc M reported third-quarter sales of $4.74 billion, beating the consensus of $4.72 billion.Macy’s net sales decreased 2.4%, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis.Sales growth at Macy’s First 50 locations, Bloomingdale’s, and Bluemercury was offset primarily by weakness in Macy’s non-First 50 locations, digital channels, and cold weather categories.Also Read: Macy’s Delays Q3 Earnings Report Amid Investigation Ov ...

Macy's on Wednesday said it has wrapped up an investigation into an employee who intentionally hid about $151 million of delivery expenses on its accounting books for nearly three years and has revised those years of its historical financial statements.In a statement, CEO Tony Spring, who stepped into the role in February, said Macy's is "strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate go ...

Sales Performance - Macy's, Inc. reported preliminary net sales of $4.742 billion for Q3 2024, a decrease of 2.4% compared to Q3 2023[5] - Comparable sales for Macy's First 50 locations increased by 1.9%, marking the third consecutive quarter of positive growth[3] - Bloomingdale's achieved a 1.4% increase in net sales, with comparable sales up 1.0% on an owned basis and 3.2% on an owned-plus-licensed-plus-marketplace basis[6] - Bluemercury reported a 3.2% increase in net sales and a 3.3% increase in comparable sales, representing the fifteenth consecutive quarter of growth[8] Financial Position - The company ended Q3 2024 with cash and cash equivalents of $315 million and total debt of $2.865 billion[11] - Asset sale gains reached $66 million, significantly higher than the previous year, driven by the monetization of non-go-forward assets[10] - Merchandise inventories increased by 3.9% year-over-year, attributed to improved inventory composition and supply chain efficiencies[11] Accounting Issues - An independent investigation revealed erroneous accounting entries related to delivery expenses, hiding approximately $132 to $154 million in cumulative expenses[12] Future Outlook - The company plans to report full Q3 2024 financial results and provide fourth quarter and full year outlooks by December 11, 2024[13] - Future guidance will be updated upon the release of the complete financial results for Q3 2024[16]