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MarketScreener Homepage  >  Equities  >  Nyse  >  Macy's    M

MACY'S

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Macy's : Q1 2020 Macy's, Inc. Earnings Presentation

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07/01/2020 | 10:06am EDT

First Quarter 2020 Earnings

Jeff Gennette, Chairman & CEO | Felicia Williams, Interim CFO

July 1, 2020

Safe Harbor Statement

All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factorsand uncertainties is contained in the company's filings with the Securities and Exchange Commission.

All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subjectto 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 the effects of the novel coronavirus (COVID-19) on customer demand, its supply chain as well as its consolidated results of operation,financial position and cash flows, Macy's ability to successfully implement its Polaris strategy and restructuring, includingthe ability to realize the anticipated benefitswithin the expected time frame or at all, 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-priceand discount stores, manufacturers' outlets, the Internet, catalogs and television shopping and general consumer spending levels, including the impact of theavailability and level of consumer debt, possible systems failures and/or security breaches, the potential for the incurrence of charges in connection with theimpairment of intangible assets, including goodwill, 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 and other factors identified in documents filed bythe company with the Securities and Exchange Commission, including under the captions "Forward-Looking Statements" and "Risk Factors" in the Company'sAnnual Report on Form 10-K for the year ended February 1, 2020 and "COVID-19 Risk Factor" in the Company's Current Report on Form 8-K filed on May 26, 2020.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.

This presentation includes non-GAAP financial measures that exclude the impact of certain financial statement items. Additional important information regarding these non-GAAP financial measures as well as others used in the earnings release can be found on the Investors section of our website.

First Quarter Snapshot

in millions except per share figures andpercentages

1Q20

Net Sales

$3,017

Credit card revenues, net

Gross margin

Gross margin rate

$131 $51617.1%

SG&A

$(1,598)

SG&A rate

(52.9%)

Impairment, restructuring and other costs

$(3,184)

Gains on sale of real estate (ASG)

$16

GAAP diluted loss per share

$(11.53)

Adjusted diluted loss per share

$(2.03)

Nearly All Stores Reopened by End of June

600

Reopened stores have

performed better than

500

anticipated

400

Large urban and flagship stores

are opening more slowly than

300

the earlier stores; expect

gradual recovery in regions

200

hardest hit by pandemic

100

Don't anticipate another full

shutdown, but remaining flexible

0

and prepared to address

increases in cases on a regional

level

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 & Beyond

Open Stores

Week 1 is May 4, 2020

New StoresOperating as Curbside Only

Digital Performance Exceeding Expectations

  • Encouraging to see that, as stores reopened, thedigital business in that market continued to bestrong

  • Pleased with digital metrics including: sales,traffic, conversion, mobile engagement, and newcustomer acquisition

  • New customers coming into our sites skewyounger and more diverse

  • Quickly tested, iterated and scaled curbside withpositive early feedback

Disclaimer

Macy's Inc. published this content on 01 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2020 14:03:03 UTC

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Financials (USD)
Sales 2021 17 257 M - -
Net income 2021 -4 392 M - -
Net Debt 2021 4 921 M - -
P/E ratio 2021 -0,44x
Yield 2021 6,06%
Capitalization 1 936 M 1 936 M -
EV / Sales 2021 0,40x
EV / Sales 2022 0,32x
Nbr of Employees 123 000
Free-Float 91,9%
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Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 7,15 $
Last Close Price 6,24 $
Spread / Highest target 161%
Spread / Average Target 14,6%
Spread / Lowest Target -51,9%
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Managers
NameTitle
Jeffrey Gennette Chairman & Chief Executive Officer
John T. Harper Chief Operating Officer & Executive Vice President
Felicia Williams Chief Financial Officer
Naveen Krishna Chief Technology Officer
Sara L. Levinson Independent Director
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