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]

Group 1: Retail Sector Insights - Macy's reported stronger-than-expected third-quarter results, marking its best growth in over three years, despite a subsequent drop of more than 6% in shares due to caution about consumer spending and tariff pressures [1][6] - American Eagle Outfitters experienced a 12% surge in shares after posting better-than-expected earnings and optimistic guidance for fourth-quarter comparable sales, attributing success to celebrity ad campaigns [6] - Over 202 million Americans shopped during the Thanksgiving to Cyber Monday period, the highest number recorded since tracking began in 2017 [6] Group 2: Employment and Economic Concerns - Corporate executives express concerns that tariffs may lead to job reductions rather than job creation, with some companies starting to offer severance packages [2][3] - A Federal Reserve report indicated a slight decline in employment over recent weeks, highlighting ongoing economic challenges [3][4] Group 3: Technology and AI Competition - OpenAI is under pressure as competitors like Alphabet and Anthropic gain traction in the AI sector, prompting a "code red" initiative to enhance its ChatGPT bot [5][7] - Alphabet's Gemini 3 model has outperformed industry benchmarks, leading to increased investor confidence in Alphabet as a leader in AI [7] Group 4: Media Industry Consolidation - Broadcast station owners are pursuing consolidation but face challenges, including family ownership issues and regulatory hurdles in deals like Nexstar's attempt to acquire Tenga and Sinclair's hostile bid for E.W. Scripps [9][10] Group 5: Aerospace Sector Developments - Boeing shares rose over 10% after the CFO announced expectations for increased deliveries of the 737 and 787 jets in 2026, which are anticipated to significantly boost cash flow [11][12]

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]

Earnings Overview - The Q3 earnings season has been solid, with 95% of S&P 500 companies reporting results and an expected 13.4% increase in earnings per share, marking the fourth consecutive quarter of double-digit growth [2][28] - Initial expectations were lower, with analysts predicting a 7.9% increase in earnings per share as of September 30 [3] Retail Sector Insights - Macy's reported Q3 revenue of $4.7 billion, slightly above estimates, with adjusted earnings per share of $0.04, surpassing the expected loss of $0.14 [5][6] - Macy's raised its 2025 sales outlook to a range of $21.48 billion to $21.63 billion, reflecting a more optimistic consumer sentiment [7] - American Eagle Outfitters saw a stock surge of over 11% after reporting a profit per share of $0.53, exceeding estimates, and a 6% year-over-year revenue increase [10][11] Technology and Cybersecurity - CrowdStrike reported Q3 revenue of $1.23 billion, a 22% increase year-over-year, and raised its full-year revenue guidance to $4.79 billion to $4.80 billion [15][16] - Okta's Q3 revenue rose 12% to $742 million, beating estimates, but the stock fell despite the positive results [18] - MongoDB's revenue reached $628.3 million, a 19% year-over-year increase, and the company raised its full-year revenue guidance to $2.434 billion to $2.439 billion [26][27] Market Reactions - Despite solid earnings, market reactions have been more subdued, with stocks of companies beating earnings estimates rising only 0.4% on average, below the five-year average of 0.9% [28][29] - Companies missing earnings estimates saw an average stock decrease of 5%, significantly higher than the five-year average decrease of 2.6% [30] Other Notable Earnings - Marvell reported earnings per share of $2.20 on revenue of $2.07 billion, but the stock slid 6% after announcing the acquisition of Celestial AI for $3.25 billion [19][20] - Dick's Sporting Goods reported earnings of $2.07 per share, missing estimates, but raised its full-year earnings guidance [44][45] - Abercrombie & Fitch's stock surged over 18% after reporting earnings per share of $2.36, exceeding estimates, driven by strong sales at the Hollister brand [46][48]

Core Insights - The department store reported its strongest third-quarter comparable sales in 13 quarters [1] Group 1 - The department store's performance indicates a significant recovery in consumer spending [1] - The increase in comparable sales suggests effective strategies in merchandising and customer engagement [1] - This positive trend may enhance investor confidence in the department store's future growth prospects [1]

Core Insights - Macy's has raised its full-year outlook for the second consecutive quarter, indicating positive momentum in its turnaround strategy [1] - The company reported its highest quarterly sales in over three years, suggesting that the turnaround plan is beginning to show early signs of effectiveness [1] Company Summary - Macy's has experienced a significant increase in quarterly sales, marking the highest performance in more than three years [1] - The positive sales performance has led to an upward revision of the company's full-year outlook, reflecting confidence in its ongoing recovery efforts [1]

Core Insights - Macy's reported a surprise profit in the third quarter, marking its strongest comparable sales growth in over three years, indicating positive consumer response to its ongoing overhaul [1][4] - The company raised its financial guidance for the year following back-to-back quarterly increases in comparable sales, although the new guidance remains below last year's figures, suggesting caution regarding consumer sentiment [2][3] - Despite a challenging retail environment, Macy's demonstrated resilience with a 3.2% increase in comparable sales for the quarter ended November 1, following a 1.9% increase in the previous quarter [3][4] Financial Performance - Macy's net income for the quarter was $11 million, or 4 cents per share, with adjusted earnings per share at 9 cents, surprising analysts who expected a loss of 13 cents [6] - The company's net sales slightly decreased to $4.71 billion from $4.73 billion, attributed to the closure of underperforming stores, yet this figure exceeded analyst projections of $4.55 billion [6] Strategic Initiatives - Under the leadership of CEO Tony Spring, Macy's has focused on closing unprofitable stores and investing in brand modernization, enhancing customer service, and differentiating its luxury offerings [5][4] - The company aims to provide a compelling omni-channel customer experience, emphasizing hospitality and long-term profitable growth [4]

Group 1: Glencore's Copper Business Expansion - Glencore aims to exceed 1 million tonnes of annual base copper production by the end of 2028, with a target of approximately 1.6 million tonnes by 2035 [2][9] - The company plans to restart the Alumbrera copper mine in Argentina in Q4 2026, with first production expected shortly thereafter [2][9] - Glencore anticipates a 4% annual compound growth rate in copper equivalent production from 2026 to 2029 [2][9] Group 2: Macy's Q3 Performance - Macy's reported adjusted earnings per share (EPS) of $0.09, significantly beating the estimated loss of $0.14 [3][9] - Total revenue reached $4.91 billion, surpassing the consensus estimate of $4.75 billion, driven by net sales of $4.71 billion [3][9] - Despite strong Q3 results, Macy's provided a cautious full-year outlook, projecting adjusted EPS between $2.00 and $2.20, below the estimated $2.37 [3][9] Group 3: Dollar Tree's Q3 Earnings - Dollar Tree reported adjusted EPS of $1.21, outperforming the $1.07 estimate, on revenue of $4.75 billion, slightly above the forecast of $4.7 billion [4][9] - The company expects full-year net sales between $19.35 billion and $19.45 billion and adjusted EPS in the range of $5.60 to $5.80 [4][9] - Dollar Tree's Q4 outlook includes comparable store net sales growth of 4.0% to 6.0% and adjusted EPS from continuing operations of $2.40 to $2.60 [4][9] Group 4: US Mortgage Market Update - The US Mortgage Bankers Association reported a 1.4% decrease in mortgage applications week-over-week as of November 28 [5][9] - The 30-year mortgage rate decreased slightly to 6.32% from the previous 6.40% [5][9] Group 5: National Bank of Canada Q4 Earnings - National Bank of Canada announced adjusted EPS of C$2.82, surpassing the estimated C$2.63 [6] - The bank reported adjusted revenue of C$3.70 billion, exceeding the C$3.45 billion estimate [6] - The quarterly dividend was raised by C$0.06 to C$1.24 per share [6]

Core Insights - Macy's has raised its annual sales and profit targets for the second time this year, indicating positive results from its turnaround efforts [1] Group 1 - The department store operator is beginning to see returns from its months-long turnaround efforts [1]

Core Insights - Macy's has exceeded Wall Street's sales expectations for three consecutive quarters, indicating a positive trend in its turnaround strategy [1][4] - The company has raised its full-year sales and earnings outlook following a better-than-expected fiscal third quarter [2][4] Financial Performance - Adjusted earnings per share are now expected to be between $2 and $2.20, an increase from the previous range of $1.70 to $2.05 [2] - Projected net sales for the year are between $21.48 billion and $21.63 billion, up from the prior outlook of $21.15 billion to $21.45 billion [2] - Comparable sales growth is expected to be flat to approximately 0.5%, a significant improvement from earlier expectations of a decline between 0.5% and 1.5% [3] Strategic Initiatives - The company is focusing on improving sales consistency, particularly for its Macy's brand, which has lagged behind Bloomingdale's and Bluemercury [7] - Investments in staffing, merchandise, and store displays have been increased, with a strategy initially rolled out at 50 locations now expanded to 125 [7] - Macy's plans to permanently close about 150 underperforming stores by early 2027 while expanding Bloomingdale's and Bluemercury locations [8] Recent Quarterly Results - For the fiscal third quarter, net income fell to $11 million, or 4 cents per share, down from $28 million, or 10 cents per share, in the previous year [9] - Adjusted earnings per share were reported at 9 cents, surpassing the expected loss of 14 cents [10] - Revenue for the quarter was $4.71 billion, exceeding expectations of $4.62 billion, although it decreased from $4.74 billion in the year-ago quarter [10][11] Brand Performance - Bloomingdale's showed the strongest performance with a 9% year-over-year increase in comparable sales [12] - Bluemercury's comparable sales increased by 1.1% [12] - Macy's shares have risen approximately 34% year-to-date, outperforming the S&P 500's 16% gains [12]