Macy's, Inc. (M): restructuring charge — Macy's reports Q4 adjusted EPS $2.45, unveils 'A Bold New Chapter' with ~150 store closures

Macy's, Inc.

2023-FY EPS reported $0.38 revenue$23,866,000,000

Q4 GAAP diluted EPS loss of $0.26 (incl. $1.0B impairment); adjusted EPS $2.45 vs $1.88 last year.
Net sales $8.12B (-1.7% YoY); comparable sales down 4.2% owned+licensed on 13-week basis.
FY2024 guidance: net sales $22.2-22.9B, adjusted EPS $2.45-2.85.
Announces plan to close ~150 underproductive Macy's stores through 2026; invest in ~350 go-forward locations.
Expanding luxury: up to 15 new Bloomingdale's and at least 30 new Bluemercury stores over next 3 years.

item 2.02 item 2.05 item 2.06 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Macy's, Inc. reported financial results for the 14 and 53 weeks ended February 3, 2024.

Period: the 14 and 53 weeks ended February 3, 2024
Result: reported results

Exact text from the filing

On February 27, 2024 , Macy’s, Inc. (“Macy’s” or the “Company”) issued a press release announcing Macy’s financial condition, results of operations and cash flows as of and for the 14 and 53 weeks ended February 3, 2024. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Macy's, Inc. announced a restructuring with charges of approximately $1.0 billion in impairment, restructuring and other costs affecting the approximately 150 locations planned for closure over the next three years.

Type: restructuring
Charge: approximately $1.0 billion in impairment, restructuring and other costs
Affected area: the approximately 150 locations planned for closure over the next three years

Exact text from the filing

On February 27, 2024 , Macy’s announced that it incurred approximately $1.0 billion in impairment, restructuring and other costs in the fourth quarter of fiscal 2023 primarily related to actions intended to support profitable growth and market share gains, and that align with A Bold New Chapter strategy.

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Macy's, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-007023

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