The earnings call highlighted strong performance in certain segments such as Bluemercury and digital marketplace expansion, coupled with effective inventory management and gross margin improvements. However, these positives were offset by declines in net sales and credit card revenues, as well as challenges in specific product categories. The overall sentiment reflects a balanced view of opportunities and challenges.

Company Guidance

During the Macy’s third quarter earnings call, the company provided guidance for the remainder of the fiscal year, projecting net sales between $7.95 billion and $8.25 billion for the fourth quarter, which includes the 53rd week. The gross margin rate is expected to improve by at least 220 basis points compared to the fourth quarter of 2022. The adjusted diluted EPS is anticipated to range from $1.85 to $2.10, accounting for a $0.07 impact from a $10 million shift in SG&A expenses and an additional $15 million investment in marketing and growth vectors. Inventory at the end of the quarter is projected to remain flat year-over-year but down approximately 18% from 2019 levels. For the full year, Macy’s anticipates net sales of $22.9 billion to $23.2 billion, with a comparable sales decline of 6% to 7% on a 52-week owned plus licensed basis, and an adjusted diluted EPS between $2.88 and $3.13.

Positive Adjusted Diluted EPS

Third quarter adjusted diluted EPS of $0.21 was above expectations, driven by better-than-expected sales, gross margin, and SG&A rates.

Inventory Management Success

Ended the quarter with a clean inventory position, down 6% from last year and 17% from 2019. Aged inventory data combined was down 26%.

Backstage and Bloomingdale's Outlet Performance

Backstage comparable owned sales outperformed Macy's full-line stores by about 720 basis points, while Bloomingdale's outlet sales outperformed full-line stores by 860 basis points.

Bluemercury Growth

Bluemercury achieved its 11th consecutive quarter of growth, with both net and comparable sales up 2.5%.

Macy's Digital Marketplace Expansion

Macy's digital marketplace grew with over 1,500 brands and increased gross merchandise value by approximately 22%.

Gross Margin Improvement

Gross margin rate was 40.3%, 160 basis points higher than the previous year, driven by improved merchandise margin and reduced delivery expenses.

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Macy's (M) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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M Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 04, 2025	2024 (Q4)	1.57 / -	2.45	―	―	―
Dec 11, 2024	2024 (Q3)	0.03 / 0.04	0.21	-80.95% (-0.17)
Aug 21, 2024	2024 (Q2)	0.32 / 0.53	0.26	103.85% (+0.27)
May 21, 2024	2024 (Q1)	0.17 / 0.27	0.56	-51.79% (-0.29)
Feb 27, 2024	2023 (Q4)	1.99 / 2.45	1.88	30.32% (+0.57)
Nov 16, 2023	2023 (Q3)	>-0.01 / 0.21	0.52	-59.62% (-0.31)
Aug 22, 2023	2023 (Q2)	0.14 / 0.26	1	-74.00% (-0.74)
Jun 01, 2023	2023 (Q1)	0.45 / 0.56	1.08	-48.15% (-0.52)
Mar 02, 2023	2022 (Q4)	1.58 / 1.88	2.45	-23.27% (-0.57)
Nov 17, 2022	2022 (Q3)	0.18 / 0.52	1.23	-57.72% (-0.71)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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M Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 11, 2024	$16.54	$16.40	-0.85%
Aug 21, 2024	$17.34	$15.10	-12.92%
May 21, 2024	$18.50	$19.45	+5.14%
Feb 27, 2024	$18.54	$19.16	+3.34%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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