🔹 Revenue: $4.8B (Est. $4.69B) 🟢; -2.5% YoY
🔹 Adj. EPS: $0.41 (Est. $0.19) 🟢; -23% YoY
🔹 Macy’s SSS: +0.8% owned; +1.9% O+L+M
Guidance (FY25):
🔹 Revenue: $21.15B–$21.45B (Est. $21.2B) 🟢
🔹 Adj. EPS: $1.70–$2.05 (Est. $1.78) 🟢
🔹 Comparable O+L+M Sales: down ~1.5% to -0.5% YoY
🔹 Go-Forward O+L+M Sales: down ~1.5% to flat YoY
🔹 Adj. EBITDA Margin: 7.4%–7.9%
Q2 Comparable Sales:
🔹 Macy’s Inc.: +0.8% owned; +1.9% O+L+M
🔹 Macy’s (nameplate): +0.4% owned; +1.2% O+L+M
🔹 Reimagine 125: +1.1% owned; +1.4% O+L
🔹 Bloomingdale’s: +3.6% owned; +5.7% O+L+M
🔹 Bluemercury: +1.2% owned (18th straight quarter of gains)
Other Revenue:
🔹 Other Revenue: $187M; UP +18% YoY
🔹 Credit Card Rev: $153M; UP +22% YoY
🔹 Macy’s Media Network: $34M (Flat YoY)
Other Metrics:
🔹 Adj. Net Income: $113M; DOWN -24% YoY
🔹 Adj. EBITDA: $393M; DOWN -10% YoY
🔹 Gross Margin: 39.7%; DOWN -80bps YoY
🔹 SG&A: $1.9B; DOWN -$29M YoY (38.9% of sales, +20bps)
Balance Sheet / Liquidity:
🔹 Cash & Equivalents: $829M
🔹 Total Debt: $2.6B (reduced ~$340M via refinancing; no major maturities until 2030)
🔹 Inventories: DOWN -0.8% YoY
Shareholder Returns:
🔹 Dividend: $0.1824/share; $50M paid in Q2
🔹 Buybacks: $50M (4M shares in Q2; 12.6M shares YTD, $151M)
🔹 $1.2B remaining under $2.0B authorization
CEO Commentary (Tony Spring):
🔸 “Our teams achieved better than expected top- and bottom-line results, driven by our strongest comparable sales growth in 12 quarters.”
🔸 “Performance highlights the advantages of being a multi-brand, multi-category, omni-channel retailer.”
🔸 “Enterprise-wide improvements, with a strong focus on customer experience, give us further confidence our Bold New Chapter initiatives can drive long-term profitable growth.”
