Macy's(M) - 2026 Q1 - Quarterly Results

Financial Performance - Macy's, Inc. reported net sales of $4.6 billion, exceeding prior guidance, with a decrease of 5.1% compared to the first quarter of 2024[5]. - Comparable sales were down 2.0% on an owned basis and down 1.2% on an owned-plus-licensed-plus-marketplace basis, surpassing previous guidance[5]. - GAAP diluted EPS was$ 0.13, and adjusted diluted EPS was $0.16, both above the company's prior guidance range[5]. - Net sales for the 13 weeks ended May 3, 2025, were$ 4,599 million, a decrease of 5.1% compared to $4,846 million for the same period in 2024[28]. - Total revenue for the same period was$ 4,793 million, down from $5,000 million, reflecting a decline of 4.1%[28]. - Net income decreased to$ 38 million, compared to $62 million in the prior year, representing a decline of 38.7%[28]. - Basic earnings per share were$ 0.14, down from $0.22, a decrease of 36.4%[28]. - Adjusted diluted earnings per share for the 13 weeks ended May 3, 2025, was$ 0.16, down from $0.27 for the same period in 2024, a decrease of 40.7%[47]. Sales Growth - Bloomingdale's achieved comparable sales growth of 3.0% on an owned basis and 3.8% on an owned-plus-licensed-plus-marketplace basis[5]. - Bluemercury reported a 1.5% increase in comparable sales, marking its 17th consecutive quarter of growth[5]. - Comparable sales for Bloomingdale's increased by 3.0% on an owned basis for the 13 weeks ended May 3, 2025[45]. - The impact of departments licensed to third parties contributed 0.8% to comparable sales on an owned-plus-licensed-plus-marketplace basis for Macy's[45]. - The decrease in comparable sales on an owned basis for Macy's go-forward business was 1.8% for the 13 weeks ended May 3, 2025[45]. - The company experienced a decrease in comparable sales on an owned-plus-licensed basis of 0.8% for the 13 weeks ended May 3, 2025[45]. Financial Returns and Guidance - The company returned approximately$ 152 million to shareholders, including $51 million in cash dividends and$ 101 million in share repurchases[5]. - The company expects annual net sales guidance to remain unchanged at $21.0 billion to$ 21.4 billion for 2025[19]. - Adjusted diluted earnings per share guidance for 2025 is projected to be between $1.60 and$ 2.00[19]. Operational Metrics - Adjusted EBITDA was $324 million, or 6.8% of total revenue, compared to$ 364 million, or 7.3% of total revenue in the first quarter of 2024[11]. - Adjusted EBITDA for the 13 weeks ended May 3, 2025, was $324 million, down from$ 364 million for the same period in 2024, representing a decrease of 11%[46]. - Core Adjusted EBITDA for the 13 weeks ended May 3, 2025, was $308 million, down from$ 363 million for the same period in 2024, a decrease of 15.1%[46]. Cash Flow and Assets - Cash and cash equivalents at the end of the period were $932 million, down from$ 1,306 million[30]. - Total assets decreased to $16,089 million from$ 16,402 million, a decline of 1.9%[30]. - Total current liabilities decreased to $4,387 million from$ 4,524 million, a reduction of 3.0%[30]. - The company reported a net cash used by operating activities of $64 million, compared to a net cash provided of$ 129 million in the prior year[33]. - The company incurred $100 million in capital expenditures during the period, down from$ 154 million in the previous year[33]. Debt and Financial Adjustments - The company reported a loss on extinguishment of debt of $3 million for the 13 weeks ended May 3, 2025[46].