Macy's, Inc. Provides Fourth Quarter 2024 Update
Macy's, Inc. (NYSE:M) today provided an update on its fiscal fourth quarter 2024 results and outlook.
Macy's, Inc. go-forward business achieved quarter-to-date1 comparable sales2 growth, with Macy's First 50 locations and luxury nameplates Bloomingdale's and Bluemercury all continuing their trend of positive comparable sales2. Macy's digital channel also achieved comparable sales2 growth for the period1.
Macy's, Inc. comparable sales2 were roughly flat quarter-to-date1 with Macy's non-First 50 locations, inclusive of non-go-forward locations, performing below expectations and generating negative comparable sales2.
The company expects fourth quarter 2024 adjusted diluted earnings per share to be in-line with the previously issued range of $1.40 to $1.65 and net sales to be at, to slightly below, the low-end of the previously issued range of $7.8 billion to $8.0 billion.
"Our Bold New Chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales2 improvement," said Macy's, Inc. chairman and chief executive officer Tony Spring. "Reflecting ongoing positive response to Macy's First 50 locations, we are excited to expand initiatives to an additional 75 Macy's locations in Fiscal 2025. We are well-positioned to build momentum with a stronger Macy's store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy."
The company expects to report full results for the fourth quarter and fiscal year 2024 in early March 2025.
Tony Spring, Adrian Mitchell, Macy's, Inc. chief operating officer and chief financial officer, and Nata Dvir, Macy's chief merchandising officer, will be participating in the 2025 ICR Conference in Orlando, FL. The company is scheduled to participate in a fireside chat at 8:00 a.m. ET on Tuesday, January 14, 2025. A live webcast of the event will be available on the investor relations section of the Macy's, Inc. website at www.macysinc.com/investors. A recording of the webcast will be available on the same website for 90 days following the event.
1: Defined as the 9-week period ended January 4, 2025 versus the 9-week period ended December 30, 2023.
2: Comparable sales represents comparable sales on an owned-plus-licensed-plus-marketplace basis for Macy's, Inc., Macy's, Inc. go-forward business, Macy's digital and Bloomingdale's; comparable sales on an owned-plus-licensed basis for Macy's First 50 and non-First 50 locations; and comparable sales on an owned basis for Bluemercury.
About Macy's, Inc.
Macy's, Inc. (NYSE:M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. 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 A Bold New Chapter strategy, including the ability to realize the anticipated benefits associated with the strategy, 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, the potential for the incurrence of charges in connection with the impairment of tangible and intangible assets, including goodwill, declines in credit card revenues, 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, inventory shortage, and labor shortages, the amount and timing of future dividends and share repurchases, our ability to execute on our strategies and 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 February 3, 2024. 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.
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