Core Insights - Macy's, Inc. is making significant progress in its strategic initiatives to enhance market share, customer engagement, and financial stability [1] - The company has seen a 75.3% increase in stock price over the past three months, outperforming the industry growth of 50% [1] - A recent buyout proposal valued at $5.8 billion, offering $21 per share, has further strengthened the stock [1][2] Digital and Omnichannel Strategy - Macy's is focusing on strengthening its digital capabilities to provide a seamless online shopping experience, with the launch of Macy's Marketplace expanding product offerings across various categories [3] - The company reported over 1,500 brands on its platform by the end of Q3 2023, with a 22% increase in gross merchandise value on a quarterly basis [3] - Investments in online shopping platforms, data analytics, and fulfillment services are key to enhancing customer shopping experiences [3][4] Customer Engagement and Loyalty - The emphasis on personalized customer experiences aims to enhance customer satisfaction and loyalty, leading to repeat business [4] - The Star Rewards Loyalty program has significantly engaged customers, contributing to overall sales [6] - Macy's and Bloomingdale's brands have attracted millions of active customers, particularly in beauty and fashion segments [6] Strategic Initiatives and Challenges - The three-year Polaris Strategy focuses on strengthening customer relationships, expanding product assortments, and optimizing the store portfolio [6] - Despite macroeconomic pressures and a decline in comparable sales (7% on an owned basis and 6.3% on an owned-plus-licensed basis), Macy's is executing a comprehensive strategy to adapt to the retail landscape [7]

[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 ...

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 July 29, 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 Table of Contents Commission file number: 1-13536 ________________________________ Macy's, Inc. (Exac ...

Macy's, Inc. (NYSE:M) Q2 2023 Earnings Conference Call August 22, 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 Oliver Chen - TD Cowen Matthew Boss - JPMorgan Greg Sommer - Gordon Haskett Research Advisors Blake Anderson - Jefferies Dana Telsey - Telsey ...

FORM 10-Q ________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 29, 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. (Exa ...

Macy's, Inc. (NYSE:M) Q1 2023 Earnings Conference Call June 1, 2023 8:00 AM ET Company Participants Pamela Quintiliano - VP, IR Jeff Gennette - Chairman and CEO Adrian Mitchell - COO and CFO Tony Spring - President and CEO-Elect Conference Call Participants Matthew Boss - JPMorgan Oliver Chen - TD Cowen Brooke Roach - Goldman Sachs Dana Telsey - Telsey Advisory Group Paul Lejuez - Citi Alex Straton - Morgan Stanley Chuck Grom - Gordon Haskett Jay Sole - UBS Operator Greetings, and welcome to the Macy's, Inc ...

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.

Table of Contents 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 in ...