Macy’s (NYSE:M) layoffs are a hot topic on Friday after the retailer announced plans to cut a large number of jobs and close some stores.According to recent reports, Macy’s is planning to cut 2,350 jobs and close down five of its stores. The layoffs are going to affect 13% of its corporate workers and 3.5% of its total workforce.These Macy’s layoffs are coming as the retail company seeks to streamline operations. Doing so will speed up its business while also saving the retailer money. That’s due to plans t ...

Key TakeawaysThe retailer plans to cut roughly 2,350 jobs and close five stores in an effort to streamline costs and stem slowing sales.Macy's shares broke above a multi-month downtrend line in mid-November, indicating many of the challenges facing the retailer could be already baked into the price.The current retracement in Macy's shares could find support from the 50-day moving average. Macy's, Inc. Source: TradingView.com.Department store retailer Macy’s (M) is in focus after it announced Thursday tha ...

智通财经APP获悉，据报道，梅西百货(M.US)计划裁员13%，约2350个职位，并关闭五家门店。 首席执行官Jeff Gennette和总裁Tony Spring在一份备忘录中表示：“尽管我们在过去几年取得了强劲而切实的进展，但我们仍面临压力。”Spring将于2月接替Gennette担任首席执行官。 该备忘录称，公司计划提高其供应链的自动化程度，并外包一些角色，同时减少管理层以加快决策速度。 除了裁员，梅西百货还将关闭五家门店，并出售两家家具店。关闭的门店分别位于加利福尼亚州、弗吉尼亚州阿灵顿、夏威夷州利胡埃和佛罗里达州塔拉哈西。 受销售额下降的困扰，这家百货公司自新冠疫情以来一直在苦苦挣扎，截至目前已累计裁员2.8万人，关闭了119家门店。自去年以来，有关收购该公司的传言就一直不绝如耳，Sycamore Partners是最新一家考虑收购的公司。 收购的可能性提振了梅西百货的股价，该股股价一度从去年11月份的低点10.59美元上涨至上月的每股21美元以上。截至周四收盘，该股报17.93美元。 ...

Michael M. Santiago High-end retailers are often at a premium, despite the supply chain being difficult to manage. Among the companies trying to modernize their supply lines is Macy’s Inc. (NYSE: M). They will be the subject of today’s analysis. A company of 722 stores, they are understandably a highly seasonal business, with a lot of their sales coming in November and December. This includes standard Macy’s, a high-end retailer in its own right, the luxury brand Bloomingdale’s, and the skincare product ...

The most recent trading session ended with Macy's (M) standing at $18.54, reflecting a -0.43% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 0.08%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq gained 0.02%.Heading into today, shares of the department store operator had lost 5.1% over the past month, lagging the Retail-Wholesale sector's gain of 4.89% and the S&P 500's gain of 3.52% in that time.The investment community will b ...

Parkev Tatevosian, CFA has positions in Macy's. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

Macy's, Inc. (M) is making significant progress in its strategic initiatives, positioning itself for success in an evolving retail landscape. These initiatives are designed to boost market share, enhance customer engagement and maintain a strong financial position.The company has exhibited a decent run on the bourses in the past three months. Its success can be attributed to its robust omni-channel capabilities, marked by investments in online shopping experiences, data and analytics, technology infrastruct ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show a year-over-year decline in revenue, net income, and operating cash flow Consolidated Income Statement Highlights (Unaudited, in millions, except per share data) | Metric | 13 Weeks Ended Oct 28, 2023 | 13 Weeks Ended Oct 29, 2022 | 39 Weeks Ended Oct 28, 2023 | 39 Weeks Ended Oct 29, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $4,860 | $5,230 | $14,972 | $16,178 | | Total Revenue | $5,038 | $5,467 | $15,491 | $16,866 | | Operating Income | $86 | $192 | $453 | $1,054 | | Net Income | $43 | $108 | $175 | $668 | | Diluted EPS | $0.15 | $0.39 | $0.63 | $2.37 | Key Balance Sheet Items (Unaudited, in millions) | Account | Oct 28, 2023 | Jan 28, 2023 | Oct 29, 2022 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $364 | $862 | $326 | | Merchandise inventories | $6,025 | $4,267 | $6,403 | | Total Assets | $18,111 | $16,866 | $18,230 | | Long-Term Debt | $2,997 | $2,996 | $2,996 | | Total Shareholders' Equity | $4,144 | $4,082 | $3,475 | Cash Flow Summary (Unaudited, in millions) | Cash Flow Activity | 39 Weeks Ended Oct 28, 2023 | 39 Weeks Ended Oct 29, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $158 | $488 | | Net cash used by investing activities | $(716) | $(869) | | Net cash provided (used) by financing activities | $60 | $(1,005) | | Net decrease in cash | $(498) | $(1,386) | - Macy's operates under three brands: Macy's, Bloomingdale's, and Bluemercury, with stores in 43 states, D.C., Puerto Rico, and Guam as of October 28, 2023[32](index=32&type=chunk) Net Sales by Merchandise Category (39 Weeks Ended, in millions) | Category | Oct 28, 2023 | Oct 29, 2022 | | :--- | :--- | :--- | | Women's Accessories, Shoes, Cosmetics & Fragrances | $6,067 | $6,214 | | Women's Apparel | $3,348 | $3,772 | | Men's and Kids' | $3,177 | $3,459 | | Home/Other | $2,380 | $2,733 | | **Total Net Sales** | **$14,972** | **$16,178** | - Credit card revenues, net of various costs, **decreased to $142 million in Q3 2023** from $206 million in Q3 2022, with the long-term program agreement with Citibank expiring on March 31, 2030[45](index=45&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - During the 39 weeks ended October 28, 2023, the company repurchased **1.4 million shares for approximately $25 million**, with **$1,375 million remaining** under the share repurchase authorization[59](index=59&type=chunk) - The company incurred **non-cash settlement charges of $129 million** in the 39 weeks ended Oct 28, 2023, related to its Pension Plan, primarily from the purchase of a group annuity contract[65](index=65&type=chunk)[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a sales decline from macroeconomic pressures, improved gross margin, and five key growth vectors Q3 2023 Financial Highlights vs. Q3 2022 | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Comparable Sales (Owned+Licensed) | -6.3% | -2.7% | | Digital Sales | -7% | N/A | | Gross Margin Rate | 40.3% | 38.7% | | Net Income | $43M | $108M | | Adjusted Diluted EPS | $0.21 | $0.52 | | Merchandise Inventories | -6% | N/A | - The company is focused on five strategic growth vectors including private brand reimagination, small-format stores, digital marketplace expansion, luxury offerings, and personalized marketing[77](index=77&type=chunk) - Q3 2023 net sales were impacted by macroeconomic conditions, with strength in beauty and weakness in women's casual sportswear, big ticket items, and handbags[79](index=79&type=chunk) - Q3 2023 **gross margin rate increased by 160 bps YoY** to 40.3%, driven by lower permanent markdowns and improved inbound freight costs[82](index=82&type=chunk) - Q3 2023 **credit card revenue decreased by $64 million YoY**, primarily due to increased portfolio funding costs and higher estimated credit losses[81](index=81&type=chunk) - For the 39-week period, the gross margin rate increased 30 bps YoY, while the merchandise margin rate decreased 20 bps, driven by category mix changes[92](index=92&type=chunk) - The company's capital allocation goals are to maintain an investment-grade balance sheet, invest in growth, and return capital to shareholders[102](index=102&type=chunk) Cash Flow Summary (39 Weeks Ended, in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from operating activities | $158 | $488 | | Net cash used by investing activities | $(716) | $(869) | | Net cash from (used by) financing activities | $60 | $(1,005) | - As of October 28, 2023, the company had **$2,862 million of available borrowing capacity** under its ABL Credit Facility[111](index=111&type=chunk) Updated Full-Year 2023 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Sales | $22.9B - $23.2B | | Comparable Sales (Owned+Licensed, 52-wk) | -7% to -6% vs. 2022 | | Gross Margin Rate | 38.4% - 38.5% | | Adjusted Diluted EPS | $2.88 - $3.13 | - The company reviews goodwill for impairment annually, with **97% of goodwill allocated to the Macy's reporting unit**[134](index=134&type=chunk) - Qualitative impairment tests in May 2023 and Q3 2023 concluded that **goodwill was not impaired**, though future impairment risk exists if market conditions worsen[140](index=140&type=chunk)[141](index=141&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures remain materially unchanged from the prior Annual Report on Form 10-K - There have been no material changes to the Company's market risk as described in the Company's 2022 10-K[142](index=142&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of October 28, 2023, the Company's **disclosure controls and procedures were effective** to provide reasonable assurance of timely reporting[143](index=143&type=chunk) - No changes occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[144](index=144&type=chunk) [PART II – OTHER INFORMATION](index=31&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) Current legal proceedings are not expected to have a material adverse effect on the company's financial condition - The Company does not expect that any of its current legal proceedings will have a **material adverse effect** on its financial position or results of operations[147](index=147&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) Risk factors remain materially unchanged from those disclosed in the 2022 Form 10-K - There have been **no material changes** to the Risk Factors described in the Company's 2022 Form 10-K[148](index=148&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) This section includes forward-looking statement disclaimers and disclosures on Rule 10b5-1 trading arrangements - The report contains forward-looking statements subject to various risks, including consumer spending, competitive pressures, and macroeconomic conditions[149](index=149&type=chunk)[150](index=150&type=chunk)[154](index=154&type=chunk) - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fiscal quarter ended October 28, 2023[153](index=153&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and iXBRL data - Exhibits filed include CEO and CFO certifications under the Sarbanes-Oxley Act and the financial statements formatted in iXBRL[157](index=157&type=chunk)

Macy's, Inc. (NYSE:M) Q3 2023 Earnings Conference Call November 16, 2023 8:00 AM ET Company Participants Pamela Quintiliano - Vice President of Investor Relations Jeff Gennette - Chairman and Chief Executive Officer Tony Spring - President and Chief Executive Officer-Elect Adrian Mitchell - Chief Operating Officer and Chief Financial Officer Conference Call Participants Matthew Boss - JPMorgan Oliver Chen - TD Cowen Brooke Roach - Goldman Sachs Ashley Helgans - Jefferies Michael Binetti - Evercore ISI Arian ...

Macy’s, Inc. Third Quarter 2023 Earnings Presentation Safe ...