10-Q - Macy's, Inc. (0000794367) (Filer)

Thu, Dec 12, 9:42 PM (67 days ago)

Macy's, Inc. (M) reported a decline in financial performance for Q3 2024, with net sales of $4,742, down 2.4% from $4,860 in Q3 2023. Total revenue also decreased to $4,903 from $5,038. The operating income fell to $64 million, yielding a net income of $28 million, down from $41 million in the prior year. The gross margin rate dipped to 39.6%, affected by a change in inventory valuation method. Selling, general, and administrative expenses increased slightly to $2,064 million. The company's cash flow from operations turned negative at $(30) million, contrasting sharply with a positive $158 million in the previous year. The company continues to execute its "Bold New Chapter" strategy, closing underperforming stores and focusing on digital growth. However, uncertainties persist due to macroeconomic conditions and competitive pressures. Macy’s liquidity remains stable with $315 million in cash and a $3 billion ABL credit facility. Despite ongoing challenges, the company aims to enhance shareholder value through strategic investments and operational improvements.