NEW YORK--(BUSINESS WIRE)--Mar 2, 2023--
Macy’s, Inc. (NYSE: M) today reported financial results for the fourth quarter and fiscal 2022 and provided fiscal 2023 guidance.
“We successfully navigated 2022 from a position of financial and operational strength. Despite an increasingly volatile macroeconomic climate, through the ongoing execution of our Polaris strategy, we remained agile, pivoted to meet customer demand and elevated our approach to inventory management,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “In the fourth quarter, we benefited from our disciplined inventory approach and compelling gift-giving strategy, which allowed us to provide fresh fashion and style at great values for all our customers. We were competitive but measured in our promotions, took strategic markdowns and intentionally did not chase unprofitable sales. As we look to 2023 and beyond, we believe our five growth vectors which include our private brands reimagination, off-mall expansion, online marketplace, luxury brands acceleration and personalized offers and communication will further solidify our modern department store positioning.”
Added Adrian Mitchell, chief financial officer, “We have built a solid foundation for long-term, profitable growth through enterprise-wide investments in our supply chain, data and analytics, pricing science, digital and technology which have enabled our operations and talented teams to become more efficient and flexible. Looking ahead, we will continue to take a balanced approach to expense management and capital allocation. With an ongoing focus on maintaining our financial health and strong balance sheet, we will make disciplined investments to drive growth while returning capital to shareholders.”
Fourth Quarter 2022 Highlights
Comparisons are to fourth quarter 2021 unless noted otherwise. Comparisons to 2019 are provided, where appropriate, to benchmark performance given the impact of the COVID-19 pandemic.
Full-Year 2022 Highlights
Comparisons are to full-year 2021 unless noted otherwise. Comparisons to 2019 are provided, where appropriate, to benchmark performance given the impact of the COVID-19 pandemic.
Financial Highlights
All amounts in millions except percentages and per share figures | Fourth Quarter | Full Year | ||
| 2022 | 2021 | 2022 | 2021 |
Net sales | $ 8,264 | $ 8,665 | $ 24,442 | $ 24,460 |
Comparable Sales versus 2021 |
|
| ||
Owned | (3.3%) |
| 0.3% |
|
Owned plus licensed | (2.7%) |
| 0.6 % |
|
Comparable Sales versus 2019 |
|
| ||
Owned | 3.1% |
| 3.5% |
|
Owned plus licensed | 3.3% |
| 3.7% |
|
Net Income | $ 508 | $ 742 | $ 1,177 | $ 1,430 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | $ 887 | $ 1,232 | $ 2,568 | $ 3,194 |
Diluted earnings per share (EPS) | $ 1.83 | $ 2.44 | $ 4.19 | $ 4.55 |
Adjusted Net income | $ 524 | $ 745 | $ 1,259 | $ 1,668 |
Adjusted EBITDA | $ 910 | $ 1,247 | $ 2,648 | $ 3,320 |
Adjusted Diluted EPS | $ 1.88 | $ 2.45 | $ 4.48 | $ 5.31 |
2023 Guidance
Macy’s, Inc. anticipates that the heightened level of uncertainty within the macroeconomic environment will continue in 2023. The company is taking a prudent approach to its outlook, which reflects the potential differences in the severity and duration of macroeconomic headwinds, offset by how the business can respond. The full outlook for 2023, presented on a 53-week basis unless otherwise noted, can be found in the presentation posted to macysinc.com/investors.
| Fiscal 2023 |
Net sales | $23.7 billion to $24.2 billion down 3% to down 1% versus 2022 |
Comparable owned plus licensed sales change (52 week basis) | Down 4% to down 2% versus 2022 |
Adjusted diluted earnings per share* | $3.67 - $4.11 |
*Adjusted diluted EPS does not consider the impact of any potential future share repurchase associated with the company’s current share repurchase authorization. |
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. 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 2022 sales and earnings will be held today (March 2, 2023) 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 13736202, 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.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality brands at great values from off-price to luxury. Across our iconic nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we help our customers express their unique style and celebrate special moments, big and small. Headquartered in New York City, we operate one of retail’s largest e-commerce businesses integrated with a nationwide footprint to deliver the most convenient and seamless shopping experience. Our purpose is tocreate a brighter future with bold representation – so we can realize the full potential of every one of us. 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 its Polaris 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, 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 29, 2022. 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 (Unaudited) (All amounts in millions except percentages and per share figures) | |||||||||||||
| 13 Weeks Ended January 28, 2023 |
| 13 Weeks Ended January 29, 2022 | ||||||||||
| $ |
| % to |
| $ |
| % to | ||||||
Net sales | $ | 8,264 |
|
|
|
| $ | 8,665 |
|
|
| ||
Credit card revenues, net |
| 262 |
|
| 3.2 | % |
|
| 264 |
|
| 3.0 | % |
Cost of sales |
| (5,450 | ) |
| (65.9 | %) |
|
| (5,506 | ) |
| (63.5 | %) |
Selling, general and administrative expenses |
| (2,399 | ) |
| (29.0 | %) |
|
| (2,429 | ) |
| (28.0 | %) |
Gains on sale of real estate |
| 15 |
|
| 0.2 | % |
|
| 30 |
|
| 0.3 | % |
Impairment, restructuring and other costs |
| (16 | ) |
| (0.2 | %) |
|
| (9 | ) |
| (0.1 | ) |
Operating income |
| 676 |
|
| 8.2 | % |
|
| 1,015 |
|
| 11.7 | % |
Benefit plan income (expense), net |
| (1 | ) |
|
|
|
| 17 |
|
|
| ||
Settlement charges |
| (7 | ) |
|
|
|
| (6 | ) |
|
| ||
Interest expense, net |
| (31 | ) |
|
|
|
| (44 | ) |
|
| ||
Income before income taxes |
| 637 |
|
|
|
|
| 982 |
|
|
| ||
Federal, state and local income tax expense (Note 1) |
| (129 | ) |
|
|
|
| (240 | ) |
|
| ||
Net income | $ | 508 |
|
|
|
| $ | 742 |
|
|
| ||
Basic earnings per share | $ | 1.87 |
|
|
|
| $ | 2.50 |
|
|
| ||
Diluted earnings per share | $ | 1.83 |
|
|
|
| $ | 2.44 |
|
|
| ||
Average common shares: |
|
|
|
|
|
|
| ||||||
Basic |
| 272.2 |
|
|
|
|
| 296.5 |
|
|
| ||
Diluted |
| 278.5 |
|
|
|
|
| 304.8 |
|
|
| ||
End of period common shares outstanding |
| 271.3 |
|
|
|
|
| 292.4 |
|
|
| ||
Supplemental Financial Measures: |
|
|
|
|
|
|
| ||||||
Gross Margin (Note 2) | $ | 2,814 |
|
| 34.1 | % |
| $ | 3,159 |
|
| 36.5 | % |
Depreciation and amortization expense | $ | 219 |
|
|
|
| $ | 206 |
|
|
|
MACY’S, INC. | |||||||||||||
|
|
|
| ||||||||||
Consolidated Statements of Income (Unaudited) (All amounts in millions except percentages and per share figures) | |||||||||||||
| 52 Weeks Ended January 28, 2023 |
| 52 Weeks Ended January 29, 2022 | ||||||||||
| $ |
| % to |
| $ |
| % to | ||||||
Net sales | $ | 24,442 |
|
|
|
| $ | 24,460 |
|
|
| ||
Credit card revenues, net |
| 863 |
|
| 3.5 | % |
|
| 832 |
|
| 3.4 | % |
Cost of sales |
| (15,306 | ) |
| (62.6 | %) |
|
| (14,956 | ) |
| (61.1 | %) |
Selling, general and administrative expenses |
| (8,317 | ) |
| (34.0 | %) |
|
| (8,047 | ) |
| (32.9 | %) |
Gains on sale of real estate |
| 89 |
|
| 0.4 | % |
|
| 91 |
|
| 0.4 | % |
Impairment, restructuring and other costs |
| (41 | ) |
| (0.2 | %) |
|
| (30 | ) |
| (0.1 | %) |
Operating income |
| 1,730 |
|
| 7.1 | % |
|
| 2,350 |
|
| 9.6 | % |
Benefit plan income, net |
| 20 |
|
|
|
|
| 66 |
|
|
| ||
Settlement charges |
| (39 | ) |
|
|
|
| (96 | ) |
|
| ||
Interest expense, net |
| (162 | ) |
|
|
|
| (255 | ) |
|
| ||
Losses on early retirement of debt |
| (31 | ) |
|
|
|
| (199 | ) |
|
| ||
Income before income taxes |
| 1,518 |
|
|
|
|
| 1,866 |
|
|
| ||
Federal, state and local income tax expense (Note 1) |
| (341 | ) |
|
|
|
| (436 | ) |
|
| ||
Net income | $ | 1,177 |
|
|
|
| $ | 1,430 |
|
|
| ||
Basic earnings per share | $ | 4.28 |
|
|
|
| $ | 4.66 |
|
|
| ||
Diluted earnings per share | $ | 4.19 |
|
|
|
| $ | 4.55 |
|
|
| ||
Average common shares: |
|
|
|
|
|
|
| ||||||
Basic |
| 274.7 |
|
|
|
|
| 306.8 |
|
|
| ||
Diluted |
| 281.1 |
|
|
|
|
| 314.0 |
|
|
| ||
End of period common shares outstanding |
| 271.3 |
|
|
|
|
| 292.4 |
|
|
| ||
Supplemental Financial Measures: |
|
|
|
|
|
|
| ||||||
Gross Margin (Note 2) | $ | 9,136 |
|
| 37.4 | % |
| $ | 9,504 |
|
| 38.9 | % |
Depreciation and amortization expense | $ | 857 |
|
|
|
| $ | 874 |
|
|
|
MACY’S, INC. | |||||
Consolidated Balance Sheets (Unaudited) (millions) | |||||
| January 28, |
| January 29, | ||
ASSETS: |
|
|
| ||
Current Assets: |
|
|
| ||
Cash and cash equivalents | $ | 862 |
| $ | 1,712 |
Receivables |
| 300 |
|
| 297 |
Merchandise inventories |
| 4,267 |
|
| 4,383 |
Prepaid expenses and other current assets |
| 424 |
|
| 366 |
Total Current Assets |
| 5,853 |
|
| 6,758 |
Property and Equipment – net |
| 5,913 |
|
| 5,665 |
Right of Use Assets |
| 2,683 |
|
| 2,808 |
Goodwill |
| 828 |
|
| 828 |
Other Intangible Assets – net |
| 432 |
|
| 435 |
Other Assets |
| 1,157 |
|
| 1,096 |
Total Assets | $ | 16,866 |
| $ | 17,590 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
| ||
Current Liabilities: |
|
|
| ||
Merchandise accounts payable | $ | 2,053 |
| $ | 2,222 |
Accounts payable and accrued liabilities |
| 2,750 |
|
| 3,086 |
Income taxes |
| 58 |
|
| 108 |
Total Current Liabilities |
| 4,861 |
|
| 5,416 |
Long-Term Debt |
| 2,996 |
|
| 3,295 |
Long-Term Lease Liabilities |
| 2,963 |
|
| 3,098 |
Deferred Income Taxes |
| 947 |
|
| 983 |
Other Liabilities |
| 1,017 |
|
| 1,177 |
Shareholders' Equity |
| 4,082 |
|
| 3,621 |
Total Liabilities and Shareholders’ Equity | $ | 16,866 |
| $ | 17,590 |
MACY’S, INC. | |||||||
Consolidated Statements of Cash Flows (Unaudited) (Note 3) (millions) | |||||||
| 52 Weeks Ended January 28, 2023 |
| 52 Weeks Ended January 29, 2022 | ||||
Cash flows from operating activities: |
|
|
| ||||
Net income | $ | 1,177 |
|
| $ | 1,430 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Impairment, restructuring and other costs |
| 41 |
|
|
| 30 |
|
Settlement charges |
| 39 |
|
|
| 96 |
|
Depreciation and amortization |
| 857 |
|
|
| 874 |
|
Benefit plans |
| 17 |
|
|
| 34 |
|
Stock-based compensation expense |
| 54 |
|
|
| 55 |
|
Gains on sale of real estate |
| (89 | ) |
|
| (91 | ) |
Deferred income taxes |
| (38 | ) |
|
| 19 |
|
Amortization of financing costs and premium on acquired debt |
| 11 |
|
|
| 70 |
|
Changes in assets and liabilities: |
|
|
| ||||
Increase in receivables |
| (3 | ) |
|
| (21 | ) |
(Increase) decrease in merchandise inventories |
| 116 |
|
|
| (610 | ) |
Increase in prepaid expenses and other current assets |
| (66 | ) |
|
| (39 | ) |
Increase (decrease) in merchandise accounts payable |
| (129 | ) |
|
| 218 |
|
Increase (decrease) in accounts payable and accrued liabilities |
| (174 | ) |
|
| 245 |
|
Increase (decrease) in current income taxes |
| (75 | ) |
|
| 588 |
|
Change in other assets and liabilities |
| (123 | ) |
|
| (186 | ) |
Net cash provided by operating activities |
| 1,615 |
|
|
| 2,712 |
|
Cash flows from investing activities: |
|
|
| ||||
Purchase of property and equipment |
| (888 | ) |
|
| (354 | ) |
Capitalized software |
| (407 | ) |
|
| (243 | ) |
Disposition of property and equipment |
| 137 |
|
|
| 164 |
|
Other, net |
| (11 | ) |
|
| 63 |
|
Net cash used by investing activities |
| (1,169 | ) |
|
| (370 | ) |
Cash flows from financing activities: |
|
|
| ||||
Debt issued |
| 2,809 |
|
|
| 1,085 |
|
Debt issuance costs |
| (21 | ) |
|
| (9 | ) |
Debt repaid |
| (3,100 | ) |
|
| (2,699 | ) |
Debt repurchase premium and expenses |
| (29 | ) |
|
| (152 | ) |
Dividends paid |
| (173 | ) |
|
| (90 | ) |
Decrease in outstanding checks |
| (181 | ) |
|
| (23 | ) |
Acquisition of treasury stock |
| (601 | ) |
|
| (500 | ) |
Issuance of common stock |
| — |
|
|
| 7 |
|
Net cash used by financing activities |
| (1,296 | ) |
|
| (2,381 | ) |
Net decrease in cash, cash equivalents and restricted cash |
| (850 | ) |
|
| (39 | ) |
Cash, cash equivalents and restricted cash beginning of period |
| 1,715 |
|
|
| 1,754 |
|
Cash, cash equivalents and restricted cash end of period | $ | 865 |
|
| $ | 1,715 |
|
MACY’S, INC. | ||
Consolidated Financial Statements (Unaudited) | ||
Notes: | ||
(1) | 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, respectively, reflect 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. | |
|
| |
| Income tax expense of $240 million and $436 million, or 24.3% and 23.4% of pretax income, for the 13 and 52 weeks ended January 29, 2022, reflected a different effective tax rate as compared to the company's federal income tax statutory rate of 21% primarily by the impact of state and local taxes. | |
(2) | Gross margin is defined as net sales less cost of sales. | |
(3) | Restricted cash of $3 million has been included with cash and cash equivalents for the 52 weeks ended January 28, 2023 and January 29, 2022. |
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 adjusted diluted earnings per share and comparable sales on an owned plus licensed basis 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 - 13 Weeks Ended January 28, 2023 | |||||||||||
| Comparable Sales vs. 13 Weeks Ended January 29, 2022 | ||||||||||
| Macy’s, Inc. |
| Macy’s |
| Bloomingdale’s |
| Bluemercury | ||||
Increase (decrease) in comparable sales on an owned basis (Note 4) | (3.3 | )% |
| (3.9 | )% |
| 1.2 | % |
| 7.2 | % |
Comparable sales impact of departments licensed to third parties (Note 5) | 0.6 | % |
| 0.6 | % |
| (0.6 | )% |
| — | % |
Increase (decrease) in comparable sales on an owned plus licensed basis | (2.7 | )% |
| (3.3 | )% |
| 0.6 | % |
| 7.2 | % |
|
|
|
|
|
|
|
|
|
| Comparable Sales vs. 13 Weeks Ended February 1, 2020 |
|
| Macy’s, Inc. |
Increase in comparable sales on an owned basis (Note 4) |
| 3.1% |
Comparable sales impact of departments licensed to third parties (Note 5) |
| 0.2% |
Increase in comparable sales on an owned plus licensed basis |
| 3.3% |
|
|
|
Changes in Comparable Sales - 52 Weeks Ended January 28, 2023
| Comparable Sales vs. 52 Weeks Ended January 29, 2022 |
| Comparable Sales vs. 52 Weeks Ended February 1, 2020 |
| Macy’s, Inc. | ||
Increase in comparable sales on an owned basis (Note 4) | 0.3% |
| 3.5% |
Comparable sales impact of departments licensed to third parties (Note 5) | 0.3% |
| 0.2% |
Increase in comparable sales on an owned plus licensed basis | 0.6% |
| 3.7% |
Notes: | ||
(4) | Represents the period-to-period percentage change in net sales from stores in operation during the 13 and 52 weeks ended January 28, 2023, and the 13 and 52 weeks ended January 29, 2022 and February 1, 2020, respectively. 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. | |
(5) | 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 in the calculation of comparable sales. The company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the company includes these commissions (rather than sales of the departments licensed to third parties) in its net sales. The company does not, however, include any amounts in respect of licensed department 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 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
| 13 Weeks Ended January 28, 2023 |
| 13 Weeks Ended January 29, 2022 | ||
Net income | $ | 508 |
| $ | 742 |
Interest expense, net |
| 31 |
|
| 44 |
Federal, state and local income tax expense |
| 129 |
|
| 240 |
Depreciation and amortization |
| 219 |
|
| 206 |
EBITDA |
| 887 |
|
| 1,232 |
Impairment, restructuring and other costs |
| 16 |
|
| 9 |
Settlement charges |
| 7 |
|
| 6 |
Adjusted EBITDA | $ | 910 |
| $ | 1,247 |
| 52 Weeks Ended January 28, 2023 |
| 52 Weeks Ended January 29, 2022 | ||
Net income | $ | 1,177 |
| $ | 1,430 |
Interest expense, net |
| 162 |
|
| 255 |
Losses on early retirement of debt |
| 31 |
|
| 199 |
Federal, state and local income tax expense |
| 341 |
|
| 436 |
Depreciation and amortization |
| 857 |
|
| 874 |
EBITDA |
| 2,568 |
|
| 3,194 |
Impairment, restructuring and other costs |
| 41 |
|
| 30 |
Settlement charges |
| 39 |
|
| 96 |
Adjusted EBITDA | $ | 2,648 |
| $ | 3,320 |
Adjusted Net Income and Adjusted Diluted Earnings Per Share
| 13 Weeks Ended January 28, 2023 |
| 13 Weeks Ended January 29, 2022 |
| 13 Weeks Ended February 1, 2020 | ||||||||||||||||||
| Net Income |
| Diluted Earnings Per Share |
| Net Income |
| Diluted Earnings Per Share |
| Net Income |
| Diluted Earnings Per Share | ||||||||||||
As reported | $ | 508 |
|
| $ | 1.83 |
|
| $ | 742 |
|
| $ | 2.44 |
|
| $ | 340 |
|
| $ | 1.09 |
|
Impairment, restructuring and other costs |
| 16 |
|
|
| 0.06 |
|
|
| 9 |
|
|
| 0.03 |
|
|
| 337 |
|
|
| 1.08 |
|
Settlement charges |
| 7 |
|
|
| 0.02 |
|
|
| 6 |
|
|
| 0.02 |
|
|
| 46 |
|
|
| 0.15 |
|
Losses on early retirement of debt |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 30 |
|
|
| 0.10 |
|
Income tax impact of certain items identified above |
| (7 | ) |
|
| (0.03 | ) |
|
| (12 | ) |
|
| (0.04 | ) |
|
| (92 | ) |
|
| (0.30 | ) |
As adjusted to exclude certain items above | $ | 524 |
|
| $ | 1.88 |
|
| $ | 745 |
|
| $ | 2.45 |
|
| $ | 661 |
|
| $ | 2.12 |
|
| 52 Weeks Ended January 28, 2023 |
| 52 Weeks Ended January 29, 2022 |
| 52 Weeks Ended February 1, 2020 | ||||||||||||||||||
| Net Income |
| Diluted Earnings Per Share |
| Net Income |
| Diluted Earnings Per Share |
| Net Income |
| Diluted Earnings Per Share | ||||||||||||
As reported | $ | 1,177 |
|
| $ | 4.19 |
|
| $ | 1,430 |
|
| $ | 4.55 |
|
| $ | 564 |
|
| $ | 1.81 |
|
Impairment, restructuring and other costs |
| 41 |
|
|
| 0.15 |
|
|
| 30 |
|
|
| 0.10 |
|
|
| 354 |
|
|
| 1.13 |
|
Settlement charges |
| 39 |
|
|
| 0.14 |
|
|
| 96 |
|
|
| 0.31 |
|
|
| 58 |
|
|
| 0.19 |
|
Losses on early retirement of debt |
| 31 |
|
|
| 0.11 |
|
|
| 199 |
|
|
| 0.63 |
|
|
| 30 |
|
|
| 0.10 |
|
Income tax impact of certain items identified above |
| (29 | ) |
|
| (0.11 | ) |
|
| (87 | ) |
|
| (0.28 | ) |
|
| (100 | ) |
|
| (0.32 | ) |
As adjusted to exclude certain items above | $ | 1,259 |
|
| $ | 4.48 |
|
| $ | 1,668 |
|
| $ | 5.31 |
|
| $ | 906 |
|
| $ | 2.91 |
|
View source version on businesswire.com:https://www.businesswire.com/news/home/20230302005335/en/
CONTACT: Media – Chris Grams
communications@macys.comInvestors – Pamela Quintiliano
investors@macys.com
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: LUXURY DEPARTMENT STORES OTHER RETAIL CATALOG BRIDAL FASHION JEWELRY RETAIL FOOTWEAR ONLINE RETAIL
SOURCE: Macy’s, Inc.
Copyright Business Wire 2023.
PUB: 03/02/2023 06:38 AM/DISC: 03/02/2023 06:37 AM
http://www.businesswire.com/news/home/20230302005335/en