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What does Macy's do and what are its main business segments?

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Did Macy's beat or miss consensus estimates last quarter?

- **Revenue Growth**: Q3 2025 comp sales up 3.2% (Go-Forward +3.4%), Bloomingdale's +9%, Bluemercury +1.1%.
- **Profit Beat**: Adjusted EPS $0.09 vs. guidance of -$0.15 to -$0.20, driven by sales, margin, and cost control.
- **China Grove Impact**: New DC enhances delivery speed and efficiency, supporting holiday peak.
- **Tariff Mitigation**: 2025 tariff impact reduced to 40-50bps, with proactive vendor negotiations.
- **Digital Momentum**: Credit card revenue +24%, Media Network +38%, reflecting omnichannel engagement.

**【CEO Summary Section】**
- Macy's, Inc. delivered a 3.2% comparable sales growth in Q3 2025, the strongest in 13 quarters, with Go-Forward Macy's up 3.4%. Bloomingdale's achieved a 9% comp, its best in 13 quarters, and Bluemercury grew 1.1%.
- Adjusted EPS of $0.09 exceeded guidance, driven by better-than-expected sales, gross margin, and SG&A. Holiday 2025 saw record-breaking Macy's Thanksgiving Day Parade viewership and new brand introductions like Rodd & Gunn and Prada Beauty.
- The China Grove distribution center, featuring automation and robotics, is operational, supporting faster deliveries and cost reduction.

**CFO Financial Commentary】**
- Q3 net sales: $4.7B (down 0.6% YoY, excluding 64 closed stores). Adjusted EBITDA: $273M (5.6% of revenue), up from $209M (4.2% of revenue) in Q3 2024.
- Gross margin rate: 39.4% (down 20bps YoY, excluding 50bps tariff impact). SG&A: $2B (down $40M YoY), benefiting from closed stores and cost containment.
- Q4 guidance: Net sales $7.35B-$7.5B, Go-Forward comps down 2%-flat, adjusted EPS $1.35-$1.55. Full-year 2025 EPS raised to $2-$2.20.

**Q&A Highlights】**
- **Store Closures & Savings**: 64 stores closed in 2024, with 150 planned over 3 years. Q3 SG&A savings from closures offset reinvestments in Go-Forward business. 2025 store closure announcements expected post-holiday.
- **Consumer Behavior**: Aspirational customers drove Q4 uncertainty, but Macy's maintained 2.7% Reimagine 125 comp growth. Digital and physical channels grew, with AUR up YoY.
- **Gross Margin & Tariffs**: 2025 tariff impact reduced to 40-50bps (vs. 40-60bps prior), mitigated by shared cost negotiations and price adjustments. Full-year gross margin: 37.7%-37.9%.
- **Digital Strategy**: China Grove DC supports omnichannel fulfillment. Macy's Media Network revenue up 38% YoY, credit card revenue up 24% YoY, reflecting customer engagement and loyalty.


Macy's, Inc. (M) Q3 2026 Earnings Call Transcript

- **Revenue Resilience**: 1.9% Q2 comparable sales growth, strongest in 12 quarters, driven by Go-Forward (+2.2%) and luxury (+5.7% Bloomingdale's, +1.2% Bluemercury).
- **Profit Beat**: Adjusted EPS of $0.41 vs. $0.15-$0.20 guidance, supported by $30 million SG&A savings and tariff mitigation.
- **Tariff Impact**: 40-60 bps gross margin headwind ($0.25-$0.40 EPS) expected in Q4, offset by vendor discounts and price adjustments.
- **Luxury Momentum**: Bloomingdale's gains market share with exclusive collaborations, Bluemercury dermatology growth.
- **Balance Sheet Strength**: $829M cash, $1.2B buyback authorization, and extended debt maturities to 2030.

**【CEO Summary Section】**
- Macy's, Inc. achieved 1.9% comparable sales growth, the strongest in 12 quarters, driven by Go-Forward businesses (2.2% growth) and luxury nameplates (Bloomingdale's +5.7%, Bluemercury +1.2%).
- Adjusted EPS of $0.41 exceeded guidance, reflecting disciplined expense control and tariff mitigation.
- Macy's Reimagine 125 locations delivered 1.4% comparable sales growth, with improved Net Promoter Scores and customer feedback highlighting cleaner stores and better service.
- Luxury segment momentum continued, with Bloomingdale's gaining market share through exclusive collaborations (e.g., MOTHER, STAUD) and Bluemercury's dermatological skin care growth.
- Fall 2025 guidance assumes cautious consumer sentiment, with comparable sales expected to decline 1.5%-0.5% for the full year.

**【CFO Financial Commentary】**
- Q2 net sales: $4.8 billion (-2.5% YoY), with Go-Forward businesses offsetting 64 closed store impacts.
- Gross margin: 39.7% (-80 bps YoY), impacted by proactive markdowns and 145% tariffs, but better than expectations.
- SG&A: $1.9 billion (-$29 million YoY), down 1.5% as a percentage of revenue, reflecting cost containment and reinvestment in growth initiatives.
- Adjusted EBITDA: $393 million (7.9% of revenue), above guidance of 6.0%-6.2%.
- Full year 2025 guidance: Net sales $21.15-$21.45 billion, adjusted EPS $1.70-$2.05, incorporating 40-60 bps tariff impact on gross margin ($0.25-$0.40 EPS impact).
- Free cash flow improved to -$13 million Q2 vs. -$244 million YoY, with $1.2 billion remaining on share buyback authorization.

**【Q&A Highlights】**
- **Consumer Resilience**: Q2 results and early Q3 trends show resilient spending on newness and fashion, despite cautious guidance for the remainder of 2025.
- **Tariff Mitigation**: Surgical pricing adjustments and vendor negotiations offset 40-60 bps tariff impact, with majority flowing through Q4.
- **Luxury Growth**: Bloomingdale's digital expansion and Bloomie's small-format stores drive share gains in disrupted luxury market.
- **Private Brands**: State of Day and Style & Co. show promise, with private label penetration targeting 20%+ long-term.
- **SG&A Leverage**: $30 million Q2 SG&A savings reinvested in growth, with Q3/Q4 SG&A expected to decline low/mid-single digits.


Macy's, Inc. (M) Q2 2025 Earnings Call Transcript

- **Q1 Beat with Strategic Momentum**: $4.6B net sales vs. $4.4-4.5B guidance, driven by luxury growth (Bloomingdale's +3.8%, Bluemercury +1.5%) and Reimagine 125 outperformance.
- **Tariff Mitigation Progress**: 20-40bp annual margin impact from China tariffs, with 145% rate products flowing through Q2. Canceled 27% of China-sourced private brands vs. 2024 levels.
- **Inventory Flexibility**: Q1 end inventory down 0.5%, ample open-to-buy for 2H newness. Spring markdowns to position for fall/holiday.
- **Long-Term Growth Drivers**: Backstage off-price (+40% GMV) and Bloomingdale's Outlet expansion capturing price-sensitive demand. 40M active customers across multi-brand model provide resilience.
- **Share Repurchase Signal**: $101M buybacks in Q1 vs. $0 in 2024, reflecting confidence in $1.60-$2.00 adjusted EPS guidance.

**【CEO Summary Section】**
- **Q1 Financial Highlights**: Net sales of $4.6 billion exceeded guidance, with comparable O+L+M sales down 1.2% (vs. expected 2.5% decline). Go-forward business comps declined 0.9%, outperforming the broader fleet.
- **Strategic Progress**: Reimagine 125 locations posted -0.8% comp vs. -2.1% for total Macy's. Bloomingdale's (+3.8%) and Bluemercury (+1.5%) continued luxury momentum. Backstage off-price concept outperformed full-line stores by hundreds of basis points.
- **Tariff Mitigation**: 20-40bp annual gross margin impact from China tariffs, with 145% rate products flowing through Q2. Canceled/delayed orders for non-competitive pricing.
- **Inventory Management**: Q1 end inventory down 0.5%, ample open-to-buy for rest of year. Spring markdowns to ensure summer newness and fall readiness.

**【CFO Financial Commentary】**
- **Q1 Results**: Adjusted EPS of $0.16 vs. $0.12-$0.15 guidance. Gross margin 39.2% (flat vs. prior year). SG&A as % of revenue 39.9% (170bp higher due to lower sales).
- **Full Year Guidance**: Net sales $21-$21.4B (includes $700M from 2024 store closures). Comps down 2% to flat. Gross margin 30-70bp below prior year (20-40bp from tariffs). Adjusted EPS $1.60-$2.00.
- **Liquidity**: $152M returned to shareholders (dividends + buybacks). Strong balance sheet supports tariff mitigation and strategic initiatives.

**【Q&A Key Themes】**
- **Sales Cadence**: Q1 beat driven by March-April recovery; Q2 early trends positive but cautious on consumer choicefulness. Luxury nameplates showing resilience.
- **Pricing Strategy**: Surgical price increases in selective categories with strong value proposition. No broad-based price hikes; leveraging multi-brand portfolio flexibility.
- **Tariff Outlook**: 20-40bp impact from current tariffs; monitoring EU developments. Vendor discounts and alternative sourcing reducing cost pass-through.
- **Market Share Capture**: Investing in newness, marketing balance (top/bottom funnel), and store experience improvements. Reimagine 125 momentum building with better in-stock and colleague engagement.


Macy's, Inc. (M) Q1 2025 Earnings Call Transcript

- **Strategic Momentum**: FY2024 delivered 510bps comp improvement, 64 store closures, and $679M free cash flow
- **Q4 Standout**: 0.2% total comps growth (best in 11Qs), $1.80 EPS beat, and 125 reimagined Macy's locations driving 1.2% First 50 comps
- **FY2025 Outlook**: 
  - Topline: $21B-$21.4B net sales (-2% to flat comps)
  - Bottomline: $2.05-$2.25 EPS, 8.0-8.2% core EBITDA margin
  - Risks: 225 underoptimized Macy's locations, uncertain consumer environment
- **Key Wins**: 
  - Bloomingdale's Q4 comps +6.5% (highest in history)
  - Bluemercury 16Q streak of positive comps
  - $144M asset sale gains in FY2024
- **Growth Catalysts**: 
  - 125 reimagined Macy's locations (36% of fleet)
  - Bloomingdale's luxury collaborations (Wicked, White Lotus)
  - China Grove distribution center automation


**【CEO Summary Section】**
- **Bold New Chapter Progress**: FY2024 saw Macy's, Inc. annual comps improve by 510bps to -0.9%, with 4 consecutive Qs of positive comps at Macy's First 50 locations. Bloomingdale's returned to positive annual comps, and Bluemercury posted 16 consecutive quarters of positive comps.
- **Store Optimization**: 64 underperforming Macy's stores closed in FY2024 (vs. annual plan of 50), generating $144M asset sale gains. 125 reimagined Macy's locations (36% of go-forward fleet) now focus on enhanced customer experience with staffing in ready-to-wear, beauty, and women's shoes.
- **Financial Health**: $679M free cash flow (up 71%), $1.3B ending cash balance, and $192M returned to shareholders via dividends.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Net sales: $7.8B (down 3.7% YoY)
  - Total enterprise comps: +0.2% (highest in 11Qs)
  - Adjusted EPS: $1.80 (vs. guidance range of $1.55-$1.65)
  - Gross margin: 35.7% (down 80bps YoY)
  - Inventory: +2.5% YoY (driven by cost accounting conversion)
- **FY2025 Guidance**: 
  - Net sales: $21B-$21.4B
  - Macy's, Inc. comps: -2% to flat
  - Core adjusted EBITDA: 8.0-8.2% of revenue
  - Adjusted EPS: $2.05-$2.25
- **Key Drivers**: 
  - SG&A to decline low-single digits in $ terms, but rise 100bps as % of revenue due to lower sales
  - Asset sale gains: ~$90M
  - Capital expenditures: $800M (down from $882M in FY2024)

**【Q&A Highlights】**
- **2025 Strategy**: 
  - Focus on 125 reimagined Macy's locations, Bloomingdale's luxury expansion (3 new stores in FY2024), and Bluemercury remodels (17 new locations in FY2024)
  - FY2025 will see slower sales growth due to 225 unoptimized Macy's locations and 85 remaining non-go-forward stores
- **Promotional Environment**: 
  - Inventory composition improved (more newness, less aged goods)
  - Macy's private brands penetration at all-time low, but FY2025 will see full private brand refresh
- **Consumer Trends**: 
  - Luxury nameplates (Bloomingdale's +6.5% Q4 comps, Bluemercury +6.2%) outperforming core Macy's
  - Holiday media impressions for Bloomingdale's Wicked collaboration up 3x YoY
  - Macy's Thanksgiving Day Parade viewership reached 32M (highest ever)


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