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Macy's(M) - 2025 Q1 - Quarterly Results
MMacy's(M)2024-05-21 10:59

Financial Performance - First quarter 2024 diluted EPS was 0.22andadjusteddilutedEPSwas0.22 and adjusted diluted EPS was 0.27, compared to 0.56inthefirstquarterof2023[3].−Netsalesforthefirstquarterwere0.56 in the first quarter of 2023[3]. - Net sales for the first quarter were 4.8 billion, a decrease of 2.7% compared to the first quarter of 2023[3]. - Comparable sales decreased by 1.2% on an owned basis and 0.3% on an owned-plus-licensed-plus-marketplace basis[3]. - Net income for the 13 weeks ended May 4, 2024, was 62million,adecreaseof6062 million, a decrease of 60% compared to 155 million for the same period in 2023[18]. - Adjusted net income, excluding certain items, was 77millionwithdilutedearningspershareof77 million with diluted earnings per share of 0.27, compared to 157millionand157 million and 0.56 for the prior year[31]. - Adjusted EBITDA for the 13 weeks ended May 4, 2024, was 364million,downfrom364 million, down from 468 million in the prior year[30]. Sales and Revenue - Other revenue was 154million,representing3.2154 million, representing 3.2% of net sales, a decline of 60 basis points from the first quarter of 2023[5]. - The company updated its 2024 net sales guidance to a range of 22.3 billion to 22.9billion[8].−AdjusteddilutedEPSguidancefor2024isprojectedtobebetween22.9 billion[8]. - Adjusted diluted EPS guidance for 2024 is projected to be between 2.55 and 2.90[8].−TheFirst50locationsachievedcomparableownedsalesgrowthof3.32.90[8]. - The First 50 locations achieved comparable owned sales growth of 3.3% and owned-plus-licensed sales growth of 3.4%[1]. - Non-go-forward locations comparable sales decreased by 4.5% on both an owned and owned-plus-licensed basis[5]. - The company reported a gross margin decline, with net sales of 4,846 million for the 13 weeks ended May 4, 2024, compared to 4,982 million in the same period last year[20]. Expenses and Assets - Selling, general and administrative (SG&A) expenses were 1.9 billion, a decrease of 39millionyear−over−year[6].−Totalcurrentassetsincreasedto39 million year-over-year[6]. - Total current assets increased to 6,262 million as of May 4, 2024, compared to 6,089milliononApril29,2023[16].−Merchandiseinventoriesroseto6,089 million on April 29, 2023[16]. - Merchandise inventories rose to 4,687 million, up from 4,361millionyear−over−year[16].−Cashandcashequivalentsattheendoftheperiodwere4,361 million year-over-year[16]. - Cash and cash equivalents at the end of the period were 879 million, up from 606millionayearearlier[18].−Long−termdebtremainedstableat606 million a year earlier[18]. - Long-term debt remained stable at 2,998 million as of May 4, 2024, compared to $2,996 million in the previous year[16]. Comparisons and Trends - Comparable sales on an owned basis decreased by 1.2% for the 13 weeks ended May 4, 2024, compared to a 1.6% decrease in the same period last year[26]. - The period-to-period percentage change in net sales from stores in operation for the 13 weeks ended May 4, 2024, and April 29, 2023, includes all digital sales and excludes commissions from licensed departments[32]. - The company does not include amounts from licensed department or marketplace sales in its comparable sales calculations in accordance with GAAP[33]. - The gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023[6].