What were the key takeaways from Macy's's earnings call?

What guidance did Macy's's management provide for the next earnings period?

What is the market's earnings forecast for Macy's next quarter?

What is Macy's's gross profit margin?

What factors drove the changes in Macy's's revenue and profit?

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

What is the revenue and EPS growth rate for Macy's year over year?

What were the key takeaways from Macy's’s earnings call?

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

M

M fundamentals

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