We are joined by bloomberg host Romaine Bostick who spoke with the retailer's ceo tony spring. Earlier this morning for me. Thanks for joining us, danny.What did you do. Any shopping. I did, but not at Macy's.I got to be honest. Yeah, well, I mean, the interesting thing I mean, I did ask him a lot about what foot traffic was. Was there an actual increase.He did say he was happy with foot traffic, but he also seemed to imply here that a lot of the revenue gains that they've seen in this most recent quarter w ...

AI 行业动态 - Alphabet 的 Gemini AI 聊天机器人用户增长迅速，8 月到 11 月全球月活跃用户增长 30%，但 OpenAI 的 ChatGPT 用户量仍然是 Gemini 的两倍以上 [2][3] - Anthropic 正在进行初步的 IPO 谈判 [3] - 市场对 Google 在 AI 领域的竞争潜力持乐观态度，认为 Google 有能力支付 AI 研发所需的费用，而 OpenAI 的盈利模式仍不明朗 [23] - 微软降低了 AI 软件的销售配额，可能表明 AI 软件的增长正在放缓 [27] - 预计到 2030 年，全球 AI 相关数据中心的投资将超过 7 万亿美元 [49] 劳动力市场与经济 - 美国 11 月 ADP 私营部门就业人数减少 32,000，为 2023 年以来最大降幅，其中员工人数少于 50 人的公司减少 12 万个工作岗位 [4] - 劳动力市场疲软，市场押注美联储 12 月会议降息的可能性接近 90%，远高于一个月前 [4][11] - 华尔街普遍对未来一年持乐观态度，预计 AI 繁荣、美联储降息和两位数的盈利增长将成为催化剂 [14] - 经济呈现 K 型复苏态势，高收入消费者受益于股市和房市，而低收入消费者面临压力 [9][10] 零售业表现 - Macy's 业绩超出预期并提高了全年指引，但对第四季度持谨慎态度，预计盈利和收入将同比下降 [5][34][36] - Macy's 的重塑门店表现优于整体 Macy's 投资组合，鞋类和美容是重点发展的新品类 [37][38] - Dollar Tree 业绩超出预期并提高了全年盈利预期，表明消费者优先考虑必需品，减少可自由支配支出 [6] - Bloomingdale's 销售额增长约 8.8%，受益于高收入消费者的良好表现 [38] 股票市场与投资 - 摩根大通预计 2026 年底标普 500 指数的目标为 7,500 点，如果通胀缓和且美联储继续放松政策，则可能达到 8,000 点 [17] - 华尔街联盟集团认为，市场领导者将从 AI 赢家转向 AI 赋能者，即构建和维护数据中心及基础设施的公司 [47] - 建议投资者关注建筑、设备、公用事业和电力等基础设施公司，因为这些公司是 AI 发展的基础 [53][55] - 认为比特币可以作为资产多元化工具，类似于黄金，并建议通过 Bitcoin ETF Ibit 进行投资 [56][57] 公司特定信息 - 达美航空因政府关闭导致 2 亿美元的利润损失，相当于每股收益 25 美分 [41] - Marvell 宣布将以至少 32.5 亿美元收购 Celestial AI，如果 Celestial 达到收入里程碑，收购价格可能增加到 55 亿美元 [42] - American Eagle 业绩超出预期并提高了指引，这得益于在商品销售、营销和运营方面采取的果断措施 [42][43]

Group 1 - American Eagle Outfitters stock is trading in a buy zone ahead of its Q3 report [1] - Macy's, Ulta Beauty, and Victoria's Secret are set to report earnings this week, indicating a significant week for retail earnings [1] - Early data for Black Friday and Cyber Monday shows an increase in holiday spending compared to last year [1] Group 2 - American Eagle Outfitters received a Relative Strength Rating upgrade, achieving a score of 81 [4] - Victoria's Secret also earned a Relative Strength Rating upgrade with a score of 82 [4] - The stock market saw a notable gain, with the Dow increasing by 350 points [4]

Core Viewpoint - Macy's Inc reported stronger sales and profit but experienced a decline in stock price, indicating market skepticism despite positive financial results [1][9]. Financial Performance - Quarterly sales reached $4.713 billion, a decrease of 0.6% year over year, surpassing analyst expectations of $4.621 billion [1]. - Adjusted earnings per share for the third quarter were 9 cents [4]. - Gross margin rate was 39.4%, down 20 basis points, primarily due to a 50-basis-point tariff impact [4]. - Adjusted EBITDA totaled $285 million, representing 5.8% of total revenue [4]. Comparable Sales Growth - Comparable sales increased by 2.5% on an owned basis and 3.2% on an owned-plus-licensed-plus-marketplace basis [2]. - Bloomingdale's saw an 8.8% increase in comparable sales on an owned basis, marking its strongest performance in over three years [3]. Shareholder Returns - The company returned approximately $99 million to shareholders through $49 million in dividends and $50 million in share repurchases [4]. - A regular quarterly dividend of 18.24 cents per share was declared, payable on January 2, 2026 [5]. Financial Outlook - Macy's raised its fiscal 2025 adjusted earnings outlook to $2.00–$2.20 per share, up from a previous range of $1.70–$2.05, exceeding the consensus estimate of $1.96 [6]. - The fiscal 2025 sales forecast was lifted to $21.475 billion–$21.625 billion from $21.150 billion–$21.450 billion, compared to the analyst estimate of $21.501 billion [6]. Market Sentiment - The company expressed a cautious tone ahead of the holiday season, noting that customers are becoming more selective and that higher tariffs will impact earnings [8]. - Management is taking a "prudent view" of the upcoming quarter due to challenging year-over-year comparisons [8].

分组1 - Macy's reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of a loss of $0.13 per share, and showing an increase from earnings of $0.04 per share a year ago, resulting in an earnings surprise of +169.23% [1] - The company achieved revenues of $4.71 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 2.56%, although this represents a slight decline from year-ago revenues of $4.74 billion [2] - Macy's shares have increased approximately 34.1% since the beginning of the year, outperforming the S&P 500's gain of 16.1% [3] 分组2 - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for Macy's was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $1.57 on revenues of $7.37 billion, and for the current fiscal year, it is $2.00 on revenues of $21.38 billion [7] 分组3 - The Retail - Regional Department Stores industry, to which Macy's belongs, is currently ranked in the top 3% of over 250 Zacks industries, suggesting a positive outlook for the sector [8]

Financial Data and Key Metrics Changes - Macy's Inc reported net sales of $4.7 billion, a decrease of 0.6% year-over-year, primarily due to the closure of 64 non-Go-Forward stores, which contributed approximately $160 million to sales in the previous year [23][24] - Comparable sales increased by 3.2%, marking the strongest growth in 13 quarters, with Go-Forward comparable sales up 3.4% [22][23] - Adjusted EPS was $0.09, significantly above the guidance range of a loss of $0.15-$0.20 and higher than last year's $0.04 [7][27] - Core adjusted EBITDA was $273 million, or 5.6% of total revenue, exceeding guidance of 3.3%-3.7% [27][35] Business Line Data and Key Metrics Changes - Macy's nameplate achieved 2% comparable sales growth, while Go-Forward Macy's saw a 2.3% increase, and Reimagined 125 stores rose by 2.7% [8][23] - Bloomingdale's reported a 9% increase in comparable sales, its best performance in 13 quarters, with net sales rising by 8.6% [15][24] - Bluemercury experienced a 1.1% increase in comparable sales, driven by dermatological skincare and expanded brand partnerships [19][24] Market Data and Key Metrics Changes - The retail landscape is evolving, with consumers becoming more discerning in their spending habits, seeking curated product assortments and seamless omnichannel experiences [8][20] - Macy's Thanksgiving Day Parade attracted over 34 million viewers, setting a new record and highlighting the company's strong brand presence [12][13] Company Strategy and Development Direction - The company is focused on its "Bold New Chapter" strategy, which includes strengthening the Macy's nameplate, differentiating luxury offerings, and modernizing operations [5][8] - Macy's aims to enhance customer experience through improved product curation and operational efficiency, with a strong emphasis on omnichannel retailing [8][11] - The company is committed to closing underperforming stores while investing in growth areas to drive sustainable profitability [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of its middle to upper-income customer base and the effectiveness of its inventory and marketing strategies [20][66] - The company anticipates a strong holiday season, supported by a compelling mix of categories and brands, despite a cautious outlook on consumer behavior [30][31] - Management acknowledged the ongoing impact of tariffs but emphasized proactive mitigation efforts to minimize their effects on margins [49][50] Other Important Information - The company opened a new distribution center in China Grove, North Carolina, which incorporates automation and AI to enhance delivery efficiency [19][29] - Macy's returned $350 million to shareholders through dividends and share repurchases, with approximately $1.2 billion remaining on its buyback authorization [28][29] Q&A Session Summary Question: Can you speak to traction with reimagined store initiatives and November comp trends? - Management noted positive growth in reimagined stores, with consistent traffic and improved average unit retail (AUR) [40][41] Question: What are the key drivers for sustaining momentum into 2026? - Key drivers include product assortment, omnichannel balance, and shedding underperforming stores, with a focus on mitigating tariff impacts [44][46] Question: How confident is the company in the consumer outlook compared to 90 days ago? - Management expressed increased confidence in strategy execution and inventory quality, despite a cautious approach to guidance [66][67] Question: Can you elaborate on pricing increases and consumer response? - Pricing on new products has had little impact on consumer spending, with strong demand across various price points [82][84] Question: How is the credit business trending? - The credit business has seen a significant increase in applications and revenue, indicating strong customer engagement [85][86] Question: What is the status of the store closure program? - The company closed 64 stores last year and remains committed to optimizing its store fleet, with updates expected in the fourth quarter [91][92]

Financial Data and Key Metrics Changes - Macy's Inc. reported net sales of $4.7 billion, a decrease of 0.6% year-over-year, attributed to the closure of 64 non-Go Forward stores, which contributed approximately $160 million to sales in the previous year [22][23] - Comparable sales increased by 3.2%, marking the strongest growth in 13 quarters, with Go Forward comparable sales rising by 3.4% [21][22] - Adjusted EPS was $0.09, significantly above the guidance range of a loss of $0.15-$0.20 and higher than last year's $0.04 [7][26] Business Line Data and Key Metrics Changes - Macy's nameplate achieved 2% comparable sales growth, while Go Forward Macy's saw a 2.3% increase, and Reimagined 125 stores reported a 2.7% rise in comparable sales [8][22] - Bloomingdale's experienced a 9% increase in comparable sales, its best performance in 13 quarters, while Bluemercury recorded a 1.1% growth in comparable sales [15][19] Market Data and Key Metrics Changes - The retail landscape is evolving, with consumers becoming more selective in their spending, seeking curated assortments and seamless omnichannel experiences [8][20] - Macy's reported a positive response to improvements in customer experience, reflected in the highest third-quarter Net Promoter Score on record [9] Company Strategy and Development Direction - The company is focused on its "Bold New Chapter" strategy, which includes strengthening the Macy's nameplate, differentiating luxury offerings, and modernizing operations [5][8] - Macy's aims to enhance its product assortment and customer experience, with a commitment to bringing new brands and categories to the forefront [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their customer base and the effectiveness of their strategies, despite acknowledging a more cautious consumer environment [20][30] - The company anticipates a strong holiday season, supported by a compelling mix of categories and brands, and is optimistic about the fourth quarter performance [29][30] Other Important Information - The company opened a new distribution center in China Grove, North Carolina, which incorporates automation and AI to enhance delivery efficiency [19][28] - Macy's returned $350 million to shareholders through dividends and share repurchases, with approximately $1.2 billion remaining on its buyback authorization [27] Q&A Session Summary Question: Can you speak to traction with reimagined store initiatives and November comp trends? - Management noted positive growth in reimagined stores, with consistent traffic and improved average unit retail (AUR) [38][39] Question: What are the key drivers for sustaining momentum into 2026? - Key drivers include product assortment, omnichannel balance, and shedding underperforming stores, with a focus on mitigating tariff impacts [42][44] Question: How confident is the company in the consumer outlook compared to 90 days ago? - Management expressed increased confidence in their strategy and performance, despite a cautious approach to guidance [63][64] Question: Can you elaborate on pricing increases and consumer response? - Pricing on new products has had little impact on consumer appetite, with strong promotional strategies in place [80][81] Question: What is the status of the store closure program? - The company closed 64 stores last year and remains committed to optimizing its store fleet, with further details expected in the fourth quarter call [89]

Financial Data and Key Metrics Changes - Macy's Inc. reported net sales of $4.7 billion, a decrease of 0.6% year-over-year, attributed to the closure of 64 non-Go Forward stores, which contributed approximately $160 million to sales in the previous year [22][23] - Comparable sales increased by 3.2%, marking the strongest growth in 13 quarters, with Go Forward comparable sales rising by 3.4% [21][22] - Adjusted EPS was $0.09, significantly above the guidance range of a loss of $0.15-$0.20 and higher than last year's $0.04 [6][25] Business Line Data and Key Metrics Changes - Macy's nameplate achieved 2% comparable sales growth, while Go Forward Macy's saw a 2.3% increase, and Reimagined 125 locations reported a 2.7% rise in comparable sales [8][22] - Bloomingdale's experienced a 9% increase in comparable sales, its best performance in 13 quarters, while Bluemercury recorded a 1.1% growth in comparable sales [15][18] Market Data and Key Metrics Changes - The retail landscape is evolving, with consumers becoming more selective in their spending, seeking curated assortments and seamless omnichannel experiences [7][8] - Macy's reported a positive response to improvements in customer experience, reflected in the highest third-quarter Net Promoter Score on record [9] Company Strategy and Development Direction - The company is focused on its "Bold New Chapter" strategy, which includes strengthening the Macy's nameplate, differentiating luxury offerings, and modernizing operations [5][8] - Macy's is enhancing its product curation and customer experience, aiming to attract a broader customer base and improve store performance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of its middle to upper-income customer base and noted strong visibility on controllable factors such as inventory discipline and improved customer experiences [19][20] - The company anticipates a strong holiday season, supported by effective marketing campaigns and a compelling mix of products [29][30] Other Important Information - The company opened a new distribution center in China Grove, North Carolina, which incorporates automation and AI to enhance delivery efficiency [18][28] - Macy's plans to return $350 million to shareholders through dividends and share repurchases, with approximately $1.2 billion remaining on its buyback authorization [26][27] Q&A Session Summary Question: Can you speak to traction with reimagined store initiatives? - Management noted positive growth in Reimagined 125 locations, with consistent traffic and improved average unit retail (AUR) [35] Question: What are the key drivers for sustaining momentum into 2026? - Key drivers include a diverse product assortment, a balanced omnichannel approach, and shedding underperforming stores [37][39] Question: How confident is the company in the consumer outlook compared to 90 days ago? - Management expressed increased confidence in strategy execution and inventory quality, despite a more cautious guidance approach [46][47] Question: Can you elaborate on pricing increases and consumer response? - Pricing on new products has had little impact on consumer appetite, with strong sales performance expected [52][53] Question: What is the status of the store closure program? - The company closed 64 stores last year and remains committed to optimizing its store fleet, with further details to be provided in the next call [56][57]

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Financial Performance Highlights - Macy's Inc's comparable owned-plus-licensed-plus-marketplace (O+L+M) sales increased by 3.2% compared to 3Q24[8, 44] - Adjusted diluted earnings per share (EPS) was $0.09[9, 10] - Net sales were $4.7 billion, a decrease of 0.6% compared to 3Q24, but increased by 2.9% excluding the impact of store closures[40] - Comparable owned sales increased by 2.5% compared to 3Q24[42] - Go-Forward business comparable O+L+M sales increased by 3.4% compared to 3Q24[46] Brand Performance - Macy's nameplate comparable O+L+M sales increased by 2.0% compared to 3Q24[14, 49] - Macy's Go-Forward business comparable O+L+M sales increased by 2.3% compared to 3Q24[14, 49] - Bloomingdale's comparable O+L+M sales increased by 9.0% compared to 3Q24[17, 49] - Bluemercury comparable owned sales increased by 1.1% compared to 3Q24[24, 49] Operational Improvements - Inventory increased by 0.7% compared to 3Q24[29, 50] - Order-to-ship days improved by 11.3%[29, 30] Guidance - The company expects FY25 comparable O+L+M sales to be approximately flat to +0.5% vs FY24 and adjusted diluted EPS to be $2.00 to $2.20[62]