secwatch.observer — SEC 8-K summary
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Issuer:     Macy's, Inc. (M)
CIK:        0000794367
Form:       8-K
Filed at:   2023-06-01T23:59:59+00:00
Accession:  0001628280-23-020415
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Macy's Q1 net sales $5B (-7% YoY); cuts full-year guidance on weakening consumer demand
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- Diluted EPS $0.56 (adj. $0.56) vs $0.98 (adj. $1.08) a year ago; net income $155M.
- Comparable owned-plus-licensed sales down 7.2%; digital sales down 8%; brick-and-mortar down 6%.
- FY2023 net sales guidance cut to $22.8-23.2B from $23.7-24.2B; adj. EPS $2.70-3.20 (prev. $3.67-4.11).
- Incremental $200M cost savings identified; regular quarterly dividend $0.1654/share declared.
- Gross margin rate improved to 40.0% (from 39.6%) but SG&A rose to 37.7% of revenue on wage investments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/0001628280-23-020415-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/n-20230601.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-020415

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