Fourth quarter diluted EPS of $(0.26); Adjusted
diluted EPS of $2.45
Fourth quarter gross margin rate of 37.5%, up
340 basis points year-over-year
Achieved full-year 2023 net sales guidance and
exceeded adjusted earnings guidance
Ended the year with over $1 billion of cash on
balance sheet and generated $1.3 billion of operating cash flow
Announces “A Bold New Chapter,” a strategy to
challenge the status quo to fundamentally reposition the company,
enhance the customer experience, deliver growth and unlock
shareholder value
Macy’s, Inc. (NYSE: M) today reported financial results for the
fourth quarter and full-year 2023 and provided fiscal 2024
guidance.
“I am grateful to all our teams for their continued commitment
to our customers during the holiday season. Throughout the fourth
quarter, we delivered an improved omnichannel experience, with
effective merchandising and a clear demonstration of value that
resulted in a strong close to the year,” said Tony Spring, chief
executive officer of Macy’s, Inc. “Our portfolio of iconic and
globally recognized nameplates, healthy balance sheet and fortified
operations position us to execute A Bold New Chapter. This strategy
is designed to create a more modern Macy’s, Inc. that is expected
to generate meaningful value for our shareholders in the years
ahead.”
Fourth Quarter 2023 Highlights
Comparisons are to the fourth quarter 2022 unless noted
otherwise. Financial highlights are reported on a 14-week basis for
the fourth quarter of 2023 and on a 13-week basis for the fourth
quarter of 2022 unless otherwise noted. Please refer to note 1
within the financial tables regarding reclassifications of certain
prior year metrics.
- Diluted loss per share of $0.26 and Adjusted diluted
earnings per share of $2.45.
- This compares to diluted earnings per share of $1.83 and
Adjusted diluted earnings per share of $1.88 in the fourth quarter
of 2022.
- Diluted loss per share in the fourth quarter of 2023 included
$1.0 billion of impairment, restructuring and other costs primarily
related to actions that support profitable growth and market share
gains, and align with A Bold New Chapter. Included within this is a
roughly $950 million non-cash asset impairment charge, primarily
related to the approximately 150 locations planned for closure over
the next three years and the remaining associated with corporate
assets.
- Net sales of $8.1 billion, down 1.7% versus the fourth
quarter of 2022.
- Digital sales decreased 4% versus the fourth quarter of
2022.
- Brick-and-mortar sales were roughly flat versus the fourth
quarter of 2022.
- Comparable sales, on a 13-week basis, were down 5.4% on an
owned basis and down 4.2% on an owned-plus-licensed basis.
- Highlights of the company's nameplates include:
- Macy’s comparable sales, on a 13-week basis, were down 6.0%
on an owned basis and down 4.7%, on an owned-plus-licensed
basis.
- The Macy’s nameplate saw strength in beauty, particularly
fragrances and prestige cosmetics, and its Backstage off-price
business while women’s shoes saw continued softness along with
relatively weaker performance in cold-weather apparel and
accessories.
- Bloomingdale’s comparable sales, on a 13-week basis, were
down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed
basis.
- The Bloomingdale’s nameplate saw strength in beauty, women’s
contemporary sportswear and the Bloomingdale’s the Outlets
business, while men’s and designer handbags continued to be
soft.
- Bluemercury comparable sales, on a 13-week basis, were up
2.3% on an owned basis.
- The Bluemercury nameplate continued to see strength in skincare
and color cosmetic categories.
- Other revenue of $255 million, down $64 million.
- Represented 3.1% of net sales, 80 basis points lower than the
fourth quarter of 2022.
- Net credit card revenue declined 26% from 2022 to $195 million.
As expected, the decline was driven by the impact of higher net
credit losses in the portfolio.
- Gross margin for the quarter was 37.5%, up from 34.1% in the
fourth quarter of 2022.
- Merchandise margin improved 260 basis points year over year,
primarily due to lower clearance markdowns.
- Delivery expenses as a percentage of net sales improved 80
basis points from the prior year, reflecting better inventory
allocation and ongoing efforts to improve the supply chain.
- Selling, general and administrative (“SG&A”) expense of
$2.4 billion, a $51 million decrease from the fourth quarter of
2022.
- SG&A expense as a percent of total revenue was 28.7%, 10
basis points higher compared to the fourth quarter of 2022 due to
lower total revenue.
- SG&A expense dollars benefited from the company’s
commitment to ongoing expense discipline, partially offset by
investments in the business.
Full-Year 2023 Highlights
Comparisons are to full-year 2022 unless noted otherwise.
Comparisons to 2019 are provided, where appropriate, to benchmark
performance. Financial highlights are reported on a 53-week basis
for 2023 and a 52-week basis for 2022 unless otherwise noted.
Please refer to note 1 within the financial tables regarding
reclassifications of certain prior year metrics.
- Diluted earnings per share of $0.38 and Adjusted diluted
earnings per share of $3.50.
- This compares to a diluted earnings per share of $4.19 and an
Adjusted diluted earnings per share of $4.48 in 2022.
- Net sales of $23.1 billion, down 5.5% versus 2022.
- Digital sales decreased 7% versus 2022.
- Brick-and-mortar sales decreased 5% versus 2022.
- Comparable sales, on a 52-week basis, down 6.9% on an owned
basis and down 6.0% on an owned-plus-licensed basis versus
2022.
- Customer counts for the company’s nameplates totaled:
- 41.2 million active customers shopped the Macy’s nameplate
- 4.0 million active customers shopped the Bloomingdale’s
nameplate
- Approximately 711 thousand active customers shopped the
Bluemercury nameplate
- Other revenue of $774 million, down $233 million from
2022.
- Represented 3.4% of net sales, 70 basis points lower than
2022.
- The year-over-year decline, as expected, reflects the impact of
higher net credit losses in the portfolio.
- Gross margin for the year was 38.8%, up from 37.4% in
2022.
- Merchandise margin improved 80 basis points from 2022 largely
due to lower clearance markdowns and improved freight costs,
partially offset by changes in category mix and elevated
shortage.
- Delivery expense as a percent of net sales improved 60 basis
points from 2022 primarily due to improved carrier rates from
contract renegotiations and improvements in inventory
allocation.
- Inventory was up approximately 2% versus 2022 and down
approximately 16% versus 2019.
- Inventory turnover for the year decreased approximately 2%
versus 2022 and increased approximately 12% versus 2019.
- SG&A expense of $8.4 billion, a $86 million decrease
from 2022.
- SG&A expense as a percent of total revenue was 35.1%, 190
basis points higher than 2022, driven by the year-over year decline
in total revenue.
- The decrease in SG&A expense dollars reflects continued
expense discipline, partially offset by investments in the
business.
- The year-over-year change also includes the impact of minimum
wage increases for store colleagues that were fully implemented as
of May 1, 2022.
A Bold New Chapter
Today, the company also announces, A Bold New Chapter, a
strategy designed to challenge the status quo to fundamentally
reposition the company, enhance the customer experience, deliver
growth and unlock shareholder value. Developed by the Macy’s, Inc.
leadership team, with the full support of the board of directors,
the strategy aligns the organization to reinvigorate relationships
with customers through improved shopping experiences with relevant
assortments and compelling value. Details of the strategy can be
viewed at www.macysinc.com/investors.
“Over the past several years, we have taken proactive actions to
fortify our operations, including strengthening our balance sheet,
managing expenses and tightening inventory controls,” said Adrian
Mitchell, chief operating and chief financial officer, Macy’s, Inc.
“The dedicated work of our teams delivered a solid close to 2023
and provides a strong foundation for us to execute A Bold New
Chapter.”
Financial Highlights
All amounts in millions except percentages
and per share figures
Fourth Quarter
Full Year
2023
2022
2023
2022
Net sales
$
8,120
$
8,264
$
23,092
$
24,442
Comparable Sales
Owned
(5.4
%)
(6.9
%)
Owned plus licensed
(4.2
%)
(6.0
) %
Gross margin
$
3,044
$
2,814
$
8,949
$
9,136
Gross margin rate
37.5
%
34.1
%
38.8
%
37.4
%
Selling, general and administrative
expenses
$
2,405
$
2,456
$
8,375
$
8,461
Impairment, restructuring and other
costs
$
(1,007
)
$
(16
)
$
(1,027
)
$
(41
)
Net Income (loss)
$
(71
)
$
508
$
105
$
1,177
Earnings before interest, taxes,
depreciation and amortization (EBITDA)
$
156
$
887
$
1,156
$
2,568
Diluted earnings (loss) per share
(EPS)
$
(0.26
)
$
1.83
$
0.38
$
4.19
Adjusted Net income
$
685
$
524
$
973
$
1,259
Adjusted EBITDA
$
1,168
$
910
$
2,317
$
2,648
Adjusted Diluted EPS
$
2.45
$
1.88
$
3.50
$
4.48
2024 Guidance
Macy’s, Inc. introduces 2024 guidance in a transition and
investment year that reflects continued operational progress and
investments in key customer-focused initiatives in support of its
new strategy. The full outlook for 2024, presented on a 52-week
basis, can be found in the presentation posted to
www.macysinc.com/investors.
Fiscal 2024
Net sales
$22.2 billion to $22.9
billion
Comparable owned plus licensed plus
marketplace sales change (52 week basis for both 2024 and
2023)
Down ~1.5% to up 1.5% versus
2023
Adjusted diluted earnings per
share
$2.45 to $2.85
Adjusted diluted EPS excludes any potential impact from the
proposed credit card late fee ruling. Additionally, the impact of
any potential future share repurchases associated with the
company’s current share repurchase authorization is not
considered.
The company does not provide reconciliations of the
forward-looking non-GAAP measures of comparable owned plus licensed
plus marketplace sales change and adjusted diluted earnings per
share to the most directly comparable forward-looking GAAP measures
because the timing and amount of excluded items are unreasonably
difficult to fully and accurately estimate. See Important
Information Regarding Financial Measures.
Conference Call and Webcasts
A webcast of Macy's, Inc.’s call with analysts and investors to
report its fourth quarter and full-year 2023 sales and earnings
will be held today (February 27, 2024) at 8:00 a.m. ET. Macy’s,
Inc.’s webcast, along with the associated presentation, is
accessible to the media and general public via the company's
website at www.macysinc.com/investors. To participate in the call,
analysts and investors may call 1-877-407-0832. A replay of the
conference call will be available on the company’s website or by
calling 1-877-660-6853, using passcode 13744146 about three hours
after the conclusion of the call. Additional information on Macy’s,
Inc., including past news releases, is available at
www.macysinc.com/pressroom.
Important Information Regarding Financial Measures
Please see the final pages of this news release for important
information regarding the calculation of the company’s non-GAAP
financial measures.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands
through our iconic nameplates – Macy’s, Bloomingdale’s and
Bluemercury. Headquartered in New York City, our comprehensive
digital and nationwide footprint empowers us to deliver a seamless
shopping experience for our customers. For more information, visit
macysinc.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including Macy’s
ability to successfully implement A Bold New Chapter strategy,
including the ability to realize the anticipated benefits within
the expected time frame or at all, conditions to, or changes in the
timing of proposed real estate and other transactions, prevailing
interest rates and non-recurring charges, the effect of potential
changes to trade policies, store closings, competitive pressures
from specialty stores, general merchandise stores, off-price and
discount stores, manufacturers’ outlets, the Internet and catalogs
and general consumer spending levels, including the impact of the
availability and level of consumer debt, possible systems failures
and/or security breaches, Macy’s reliance on foreign sources of
production, including risks related to the disruption of imports by
labor disputes, regional or global health pandemics, and regional
political and economic conditions, the effect of weather,
inflation, and labor shortages, the amount and timing of future
dividends and share repurchases, our ability to execute on our
strategies or achieve expectations related to environmental,
social, and governance matters, and other factors identified in
documents filed by the company with the Securities and Exchange
Commission, including under the captions “Forward-Looking
Statements” and “Risk Factors” in the company’s Annual Report on
Form 10-K for the year ended January 28, 2023. Macy’s disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
MACY’S, INC.
Consolidated Statements of
Income (Loss) (Unaudited)
(All amounts in millions except
percentages and per share figures)
14 Weeks Ended
February 3, 2024
13 Weeks Ended
January 28, 2023
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
8,120
$
8,264
Other revenue (Note 1)
255
3.1
%
319
3.9
%
Total revenue
8,375
8,583
Cost of sales
(5,076
)
(62.5
%)
(5,450
)
(65.9
%)
Selling, general and administrative
expenses
(2,405
)
(28.7
%)
(2,456
)
(28.6
%)
Gains on sale of real estate
41
0.5
%
15
0.2
%
Impairment, restructuring and other
costs
(1,007
)
(12.0
%)
(16
)
(0.2
)
Operating income (loss)
(72
)
(0.9
%)
676
7.9
%
Benefit plan income (expense), net
1
(1
)
Settlement charges
(5
)
(7
)
Interest expense, net
(27
)
(31
)
Income (loss) before income taxes
(103
)
637
Federal, state and local income tax
benefit (expense) (Note 2)
32
(129
)
Net income (loss)
$
(71
)
$
508
Basic earnings (loss) per share
$
(0.26
)
$
1.87
Diluted earnings (loss) per share
$
(0.26
)
$
1.83
Average common shares:
Basic
275.0
272.2
Diluted
275.0
278.5
End of period common shares
outstanding
274.2
271.3
Supplemental Financial Measures:
Gross Margin (Note 3)
$
3,044
37.5
%
$
2,814
34.1
%
Depreciation and amortization expense
$
232
$
219
MACY’S, INC.
Consolidated Statements of Income (Unaudited)
(All amounts in millions except
percentages and per share figures)
53 Weeks Ended
February 3, 2024
52 Weeks Ended
January 28, 2023
$
% to Net sales
% to Total revenue
$
% to Net sales
% to Total revenue
Net sales
$
23,092
$
24,442
Other revenue (Note 1)
774
3.4
%
1,007
4.1
%
Total revenue
23,866
25,449
Cost of sales
(14,143
)
(61.2
%)
(15,306
)
(62.6
%)
Selling, general and administrative
expenses
(8,375
)
(35.1
%)
(8,461
)
(33.2
%)
Gains on sale of real estate
61
0.3
%
89
0.3
%
Impairment, restructuring and other
costs
(1,027
)
(4.3
%)
(41
)
(0.2
%)
Operating income
382
1.6
%
1,730
6.8
%
Benefit plan income, net
11
20
Settlement charges
(134
)
(39
)
Interest expense, net
(135
)
(162
)
Losses on early retirement of debt
—
(31
)
Income before income taxes
124
1,518
Federal, state and local income tax
expense (Note 2)
(19
)
(341
)
Net income
$
105
$
1,177
Basic earnings per share
$
0.38
$
4.28
Diluted earnings per share
$
0.38
$
4.19
Average common shares:
Basic
274.2
274.7
Diluted
278.2
281.1
End of period common shares
outstanding
274.2
271.3
Supplemental Financial Measures:
Gross Margin (Note 3)
$
8,949
38.8
%
$
9,136
37.4
%
Depreciation and amortization expense
$
897
$
857
MACY’S, INC.
Consolidated Balance Sheets (Unaudited)
(millions)
February 3, 2024
January 28, 2023
ASSETS:
Current Assets:
Cash and cash equivalents
$
1,034
$
862
Receivables
293
300
Merchandise inventories
4,361
4,267
Prepaid expenses and other current
assets
401
424
Total Current Assets
6,089
5,853
Property and Equipment – net
5,308
5,913
Right of Use Assets
2,305
2,683
Goodwill
828
828
Other Intangible Assets – net
430
432
Other Assets
1,286
1,157
Total Assets
$
16,246
$
16,866
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities:
Merchandise accounts payable
$
1,913
$
2,053
Accounts payable and accrued
liabilities
2,434
2,750
Income taxes
83
58
Total Current Liabilities
4,430
4,861
Long-Term Debt
2,998
2,996
Long-Term Lease Liabilities
2,986
2,963
Deferred Income Taxes
745
947
Other Liabilities
950
1,017
Shareholders' Equity
4,137
4,082
Total Liabilities and Shareholders’
Equity
$
16,246
$
16,866
MACY’S, INC.
Consolidated Statements of Cash Flows (Unaudited) (Note
4)
(millions)
53 Weeks Ended
February 3, 2024
52 Weeks Ended
January 28, 2023
Cash flows from operating activities:
Net income
$
105
$
1,177
Adjustments to reconcile net income to net
cash provided by operating
activities:
Impairment, restructuring and other
costs
1,027
41
Settlement charges
134
39
Depreciation and amortization
897
857
Benefit plans
4
17
Stock-based compensation expense
47
54
Gains on sale of real estate
(61
)
(89
)
Deferred income taxes
(244
)
(38
)
Amortization of financing costs and
premium on acquired debt
10
11
Changes in assets and liabilities:
(Increase) decrease in receivables
7
(3
)
(Increase) decrease in merchandise
inventories
(99
)
116
(Increase) decrease in prepaid expenses
and other current assets
18
(66
)
Decrease in merchandise accounts
payable
(113
)
(129
)
Decrease in accounts payable and accrued
liabilities
(347
)
(174
)
Increase (decrease) in current income
taxes
24
(75
)
Change in other assets and liabilities
(104
)
(123
)
Net cash provided by operating
activities
1,305
1,615
Cash flows from investing activities:
Purchase of property and equipment
(631
)
(888
)
Capitalized software
(362
)
(407
)
Disposition of property and equipment
86
137
Other, net
(6
)
(11
)
Net cash used by investing activities
(913
)
(1,169
)
Cash flows from financing activities:
Debt issued
961
2,809
Debt issuance costs
(1
)
(21
)
Debt repaid
(963
)
(3,100
)
Debt repurchase premium and expenses
—
(29
)
Dividends paid
(181
)
(173
)
Increase (decrease) in outstanding
checks
2
(181
)
Acquisition of treasury stock
(38
)
(601
)
Net cash used by financing activities
(220
)
(1,296
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
172
(850
)
Cash, cash equivalents and restricted cash
beginning of period
865
1,715
Cash, cash equivalents and restricted cash
end of period
$
1,037
$
865
MACY’S, INC.
Consolidated Financial Statements (Unaudited)
Notes:
(1)
Other Revenue is inclusive of the
following amounts due to the reclassification of Macy’s Media
Network net revenue from SG&A to Other Revenue.
Reclassifications were made to the prior year’s amounts to conform
with the classifications of such amounts in the most recent year.
All amounts in millions except percentages.
14 Weeks Ended
February 3, 2024
13 Weeks Ended
January 28, 2023
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
195
2.4
%
$
262
3.2
%
Macy's Media Network revenue, net
60
0.7
%
57
0.7
%
Other Revenue
$
255
3.1
%
$
319
3.9
%
Net Sales
$
8,120
$
8,264
53 Weeks Ended
February 3, 2024
52 Weeks Ended
January 28, 2023
$
% to Net sales
$
% to Net sales
Credit card revenues, net
$
619
2.7
%
$
863
3.5
%
Macy's Media Network revenue, net
155
0.7
%
144
0.6
%
Other Revenue
$
774
3.4
%
$
1,007
4.1
%
Net Sales
$
23,092
$
24,442
(2)
Income tax benefit of $32 million
and expense of $19 million, or 31.1% and 15.3% of pretax income,
for the 14 and 53 weeks ended February 3, 2024, respectively,
reflect a different effective tax rate as compared to the company’s
federal income tax statutory rate of 21% driven primarily by the
reduced pretax income as a result of the impairment charges and
state and local taxes.
Income tax expense of $129
million and $341 million, or 20.3% and 22.5% of pretax income, for
the 13 and 52 weeks ended January 28, 2023, reflected a different
effective tax rate as compared to the company's federal income tax
statutory rate of 21% driven primarily by the impact of state and
local taxes and the benefit of state tax settlements.
(3)
Gross margin is defined as net
sales less cost of sales.
(4)
Restricted cash of $3 million has
been included with cash and cash equivalents for the 53 weeks ended
February 3, 2024 and 52 weeks ended January 28, 2023.
MACY’S, INC.
Important Information
Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures
provide users of the company's financial information with
additional useful information in evaluating operating performance.
Management believes that providing supplemental changes in
comparable sales on an owned-plus-licensed basis, which includes
adjusting for the impact of comparable sales of departments
licensed to third parties, assists in evaluating the company's
ability to generate sales growth, whether through owned businesses
or departments licensed to third parties, and in evaluating the
impact of changes in the manner in which certain departments are
operated. Earnings before interest, taxes, depreciation and
amortization (EBITDA) is a non-GAAP financial measure which the
company believes provides meaningful information about its
operational efficiency by excluding the impact of changes in tax
law and structure, debt levels and capital investment. In addition,
management believes that excluding certain items from EBITDA, net
income and diluted earnings per share that are not associated with
the company’s core operations and that may vary substantially in
frequency and magnitude from period-to-period provides useful
supplemental measures that assist in evaluating the company's
ability to generate earnings and to more readily compare these
metrics between past and future periods.
The company does not provide reconciliations of the
forward-looking non-GAAP measures of comparable owned plus licensed
sales change and adjusted diluted earnings per share to the most
directly comparable forward-looking GAAP measures because the
timing and amount of excluded items are unreasonably difficult to
fully and accurately estimate. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to future results.
Non-GAAP financial measures should be viewed as supplementing,
and not as an alternative or substitute for, the company's
financial results prepared in accordance with GAAP. Certain of the
items that may be excluded or included in non-GAAP financial
measures may be significant items that could impact the company's
financial position, results of operations or cash flows and should
therefore be considered in assessing the company's actual and
future financial condition and performance. Additionally, the
amounts received by the company on account of sales of departments
licensed to third parties are limited to commissions received on
such sales. The methods used by the company to calculate its
non-GAAP financial measures may differ significantly from methods
used by other companies to compute similar measures. As a result,
any non-GAAP financial measures presented herein may not be
comparable to similar measures provided by other companies.
MACY’S, INC.
Important
Information Regarding Non-GAAP Financial Measures
(All amounts in millions except
percentages and per share figures)
Changes in Comparable Sales
14 Weeks Ended February 3, 2024
vs.
13 Weeks Ended January 28,
2023
Macy’s, Inc.
Macy’s
Bloomingdale’s
Decrease in comparable sales on an owned
basis (Note 5)
(5.4
%)
(6.0
%)
(1.5
%)
Comparable sales impact of departments
licensed to third parties (Note 6)
1.2
%
1.3
%
(0.1
%)
Decrease in comparable sales on an owned
plus licensed basis
(4.2
%)
(4.7
%)
(1.6
%)
53 Weeks Ended February 3, 2024
vs.
52 Weeks Ended January 28,
2023
Macy's, Inc.
Macy's
Bloomingdale's
Decrease in comparable sales on an owned
basis (Note 5)
(6.9
%)
(7.6
%)
(2.7
%)
Comparable sales impact of departments
licensed to third parties (Note 6)
0.9
%
1.0
%
(0.4
%)
Decrease in comparable sales on an owned
plus licensed basis
(6.0
%)
(6.6
%)
(3.1
%)
Notes:
(5)
Represents the period-to-period
percentage change in net sales from stores in operation for one
full fiscal year during the 14 and 53 weeks ended February 3, 2024,
and the 13 and 52 weeks ended January 28, 2023, adjusting for the
53rd week in fiscal 2023. Such calculation includes all digital
sales and excludes commissions from departments licensed to third
parties. Stores impacted by a natural disaster or undergoing
significant expansion or shrinkage remain in the comparable sales
calculation unless the store, or material portion of the store, is
closed for a significant period of time. Definitions and
calculations of comparable sales may differ among companies in the
retail industry.
(6)
Represents the impact of
including the sales of departments licensed to third parties
occurring in stores in operation throughout the year presented and
the immediately preceding year and all online sales, including
Marketplace sales, adjusting for the 53rd week in fiscal 2023, in
the calculation of comparable sales. Macy’s and Bloomingdale’s
license third parties to operate certain departments in its stores
and online and receive commissions from these third parties based
on a percentage of their net sales, while Bluemercury does not
participate in licensed or Marketplace businesses. In its financial
statements prepared in conformity with GAAP, the company includes
these commissions (rather than sales of the departments licensed to
third parties and Marketplace) in its net sales. The company does
not, however, include any amounts in respect of licensed department
or Marketplace sales (or any commissions earned on such sales) in
its comparable sales in accordance with GAAP (i.e., on an owned
basis). The amounts of commissions earned on sales of departments
licensed to third parties and from the digital Marketplace are not
material to its net sales for the periods presented.
Non-GAAP financial measures, excluding certain items below, are
reconciled to the most directly comparable GAAP measure as
follows:
- EBITDA and adjusted EBITDA are reconciled to GAAP net
income.
- Adjusted net income is reconciled to GAAP net income.
- Adjusted diluted earnings per share is reconciled to GAAP
diluted earnings per share.
EBITDA and Adjusted EBITDA
14 Weeks Ended
February 3, 2024
13 Weeks Ended
January 28, 2023
Net income (loss)
$
(71
)
$
508
Interest expense, net
27
31
Federal, state and local income tax
expense (benefit)
(32
)
129
Depreciation and amortization
232
219
EBITDA
156
887
Impairment, restructuring and other
costs
1,007
16
Settlement charges
5
7
Adjusted EBITDA
$
1,168
$
910
53 Weeks Ended
February 3, 2024
52 Weeks Ended
January 28, 2023
Net income
$
105
$
1,177
Interest expense, net
135
162
Losses on early retirement of debt
—
31
Federal, state and local income tax
expense
19
341
Depreciation and amortization
897
857
EBITDA
1,156
2,568
Impairment, restructuring and other
costs
1,027
41
Settlement charges
134
39
Adjusted EBITDA
$
2,317
$
2,648
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss)
Per Share
14 Weeks Ended
February 3, 2024
13 Weeks Ended
January 28, 2023
Net
Income
(Loss)
Diluted
Earnings (Loss)
Per Share
Net
Income
Diluted
Earnings
Per Share
As reported
$
(71
)
$
(0.26
)
$
508
$
1.83
Impairment, restructuring and other
costs
1,007
3.60
16
0.06
Settlement charges
5
0.02
7
0.02
Income tax impact of certain items
identified above
(256
)
(0.91
)
(7
)
(0.03
)
As adjusted to exclude certain items
above
$
685
$
2.45
$
524
$
1.88
53 Weeks Ended
February 3, 2024
52 Weeks Ended
January 28, 2023
Net
Income
Diluted
Earnings
Per Share
Net
Income
Diluted
Earnings
Per Share
As reported
$
105
$
0.38
$
1,177
$
4.19
Impairment, restructuring and other
costs
1,027
3.69
41
0.15
Settlement charges
134
0.48
39
0.14
Losses on early retirement of debt
—
—
31
0.11
Income tax impact of certain items
identified above
(293
)
(1.05
)
(29
)
(0.11
)
As adjusted to exclude certain items
above
$
973
$
3.50
$
1,259
$
4.48
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227850623/en/
Media – Chris Grams communications@macys.com Investors – Pamela
Quintiliano investors@macys.com
Macys (NYSE:M)
過去 株価チャート
から 5 2024 まで 6 2024
Macys (NYSE:M)
過去 株価チャート
から 6 2023 まで 6 2024