Q3 2024 Macy's Inc Earnings Call Transcript
Key Points
- Macy's Inc (M) reported positive comparable sales growth in its First 50 locations, Bloomingdale's, and Bluemercury for the third consecutive quarter.
- The company maintained effective expense controls and generated above-plan asset sale gains.
- Macy's Inc (M) is on track with its Bold New Chapter strategy, aiming for sustainable profitable growth.
- The company has made significant improvements in customer experience, leading to higher Net Promoter Scores.
- Macy's Inc (M) has a healthy balance sheet and ample liquidity, allowing for strategic investments without compromising financial health.
- Macy's Inc (M) faced challenges in its non-First 50 locations, digital channel, and cold weather categories, impacting overall sales.
- The company had to address an issue related to erroneous accounting entries, although it was deemed immaterial.
- Gross margin rate declined due to product mix and proactive discounting in response to warmer weather conditions.
- The digital business has been a pressure point, requiring significant improvements in customer experience and operational metrics.
- Macy's Inc (M) anticipates a competitive and promotional environment, which may impact profitability.
Greetings, and welcome to the Macy's, Inc. Third Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to turn the call over to Pamela Quintiliano, VP of Investor Relations. Pamela, you may now begin.
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Thank you, operator. Good morning, everyone, and thanks for joining us. With me on the call today are Tony Spring, our Chairman and CEO; and Adrian Mitchell, our COO and CFO.
Along with our third quarter 2024 press release, a Form 8-K has been filed with the SEC and the presentation has been posted on the Investors section of our website, macysinc.com and is being displayed live during today's webcast. The Form 8-K includes revisions made to its historical consolidated financial statements that were impacted by the immaterial misstatements that the company has previously disclosed.
Unless otherwise noted, the comparisons we provide will be versus 2023.
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