ET. Adjusted net income (loss) is reconciled to GAAP net income (loss). growth rates and metrics that provide an in-depth view Additional information on Macys, Inc., including past news releases, is available at www.macysinc.com/pressroom. View advanced insights on financial statements, including These people shop three to 3.5 times more frequently than people who just shop either in stores or online, rather than both, Macy's said. The year benefited from strong expense leverage driven by disciplined expense management, improved productivity resulting from the company's Polaris strategy, including the permanent cost savings realized in 2020, and the number of open job positions during the year. Its market cap is $7.3 billion. A webcast of Macy's, Inc.s call with analysts and investors to report its fourth quarter and full-year 2021 sales and earnings will be held today (February 22, 2022) at 8:00 a.m. Your ability to comment is currently suspended due to negative user reports. This compares to a diluted loss per share of $(12.68) and an Adjusted diluted loss per share of $(2.21) in 2020. (All amounts in millions except percentages and per share figures). Comparable sales up 28.3% on an owned basis and up 27.8% on an owned-plus-licensed basis versus Q4 2020; up 6.6% and up 6.1%, respectively, versus Q4 2019, Digital sales up 12% over Q4 2020, up 36% over Q4 2019, 7.2 million new customers shopped the Macy's brand, an 11% increase over Q4 2019, Q4 Diluted EPS of $2.44 and Adjusted diluted EPS of $2.45, Generated $2.7 billion in Operating Cash Flow and $2.3 billion in Free Cash Flow in FY 2021, New $2 billion share repurchase program authorized after completing current $500 million program and raised quarterly dividend by 5%. We want to hear from you. Same-store sales, on an owned-plus-licensed basis, rose 27.8% year over year. Represented 3.0% of sales, 80 basis points lower than the fourth quarter of 2020 and 10 basis points higher than the fourth quarter of 2019. The 52 weeks ended January 30, 2021 also included non-cash impairment charges totaling $3.3 billion, which consisted of $3.1 billion of a non-cash goodwill impairment charge and $200 million impairment charge on long-lived tangible and right of use assets. All quotes are in local exchange time. The methods used by the company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. Important Information Regarding Non-GAAP Financial Measures Macy's reported fiscal fourth-quarter earnings and sales that outpaced analysts' estimates and said that a strategic review has prompted the retailer to accelerate its turnaround plans. Intraday Data provided by FACTSET and subject to terms of use. In addition to prior year comparisons, Macys, Inc. is providing comparisons to 2019 to benchmark its performance given the impact of the pandemic last year. Performance continued to be driven by improved bad debt levels due to strong customer credit health. In addition, any of the above-mentioned violations may result in suspension of your account. with InvestingPro. During 2021, Macys, Inc.s strong performance allowed it to take significant actions to strengthen its financial position and return capital to shareholders. Kohl's has similarly been pressured to spin off its online business from its real estate. Are you sure you want to delete this chart? The metric was up 6.1% on a two-year basis. Data is a real-time snapshot *Data is delayed at least 15 minutes. However, management believes that certain non-GAAP financial measures provide users of the company's financial information with additional useful information in evaluating operating performance. Net income benefited from Merchandise Margins, Total -% increase of 3% to 39.6%, Gains on sale of real estate increase from $6M to $42M (income). We are more confident in our path forward as one integrated company. We are more digitally led and customer centric and believe we are better positioned for long-term sustainable and profitable growth, Gennette continued. Find the full earnings press release here. It is rejecting calls from activist Jana Partners for it to split its e-commerce operations from its stores, following a similar move by Saks Fifth Avenue. The activation and return of customers to stores coupled with the continued growth in digital drove the strong sales performance during the quarter. Do not sell. Report Information Security Vulnerability. Historical and current end-of-day data provided by FACTSET. Even negative opinions can be framed positively and diplomatically. Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measure which the company believes provides meaningful information about its operational efficiency by excluding the impact of changes in tax law and structure, debt levels and capital investment. Replace the attached chart with a new chart ? "We are more confident in our path forward as one integrated company," he said. Media and investors may access a live audio webcast of the presentation at www.macysinc.com. All amounts in millions except percentages and per share figures, Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA), We generated $2.3 billion in free cash flow this year a significant amount that allowed us to return capital to shareholders through our measured capital allocation plan while meaningfully improving the health of our balance sheet, said Adrian Mitchell, chief financial officer of Macys, Inc. The strength of our financial position offers the flexibility in 2022 to continue investing in growth opportunities, navigate the dynamic macro environment with agility, and further deliver on our commitment to enhance shareholder value.. Income tax expense of $240 million and $436 million, or 24.3% and 23.4% of pretax income, for the 13 and 52 weeks ended January 29, 2022, respectively, reflect a different effective tax rate as compared to the companys federal income tax statutory rate of 21% driven primarily by the impact of state and local taxes. Copyright 2022 MarketWatch, Inc. All rights reserved. The Boards review reaffirmed our conviction that we are pursuing a robust strategy, and it provided us with greater clarity on several initiatives that could be further accelerated to unlock additional value for our shareholders, which we are pursuing, said Gennette. It also operates in Dubai, the United Arab Emirates, and Al Zahra, Kuwait under the license agreements. Gennette also teased that beginning next month, Macy's plans to reposition its brand to help differentiate the department store chain in a cluttered marketplace. The MOM data from the Quarterly reportMOM=(current period - last period)/last period *100%, Please check network settings and try again, You've successfully got advanced quotes worth 5000 HKD. Consolidated Statements of Operations (Unaudited), (All amounts in millions except percentages and per share figures), Selling, general and administrative expenses, Impairment, restructuring and other costs, Federal, state and local income tax expense (Note 2), Consolidated Statements of Operations (Unaudited) (Note 1), Impairment, restructuring and other costs (Note 1), Federal, state and local income tax benefit, Consolidated Balance Sheets (Unaudited) (Note 1), Prepaid expenses and other current assets, Total Liabilities and Shareholders Equity, Consolidated Statements of Cash Flows (Unaudited) (Note 4), Adjustments to reconcile net income (loss) to net cash provided, Amortization of financing costs and premium on acquired debt, (Increase) decrease in merchandise inventories, (Increase) decrease in prepaid expenses and other current assets, Increase (decrease) in accounts payable and accrued liabilities, Increase (decrease) in current income taxes, Net cash provided by operating activities, Increase (decrease) in outstanding checks, Net cash provided (used) by financing activities, Net increase (decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash beginning of period, Cash, cash equivalents and restricted cash end of period, Consolidated Financial Statements (Unaudited). Free cash flow is reconciled to GAAP net cash provided by operating activities. People wear facemasks as they walk through Herald Square on January 8, 2021 in New York City. For more information, visit macysinc.com. Have Watchlists? Definitions and calculations of comparable sales may differ among companies in the retail industry. Our results in the fourth quarter delivered a strong end to a solid year. Avoid profanity, slander or personal attacksdirected at an author or another user. All Rights Reserved. However, in order to maintain the high level of discourse weve all come to value and expect, please keep the following criteria in mind: Stay focused and on track. Comparable owned plus licensed sales three-year CAGR*. The company successfully completed its $500 million share repurchase program in the fourth quarter of 2021, and in total repurchased approximately 20.5 million shares during the year. The dividend is payable on April 1, 2022 to shareholders of record at the close of business on March 15, 2022. Ultimately, based on the work completed, the Board determined that an integrated, omnichannel Macys, Inc. with an acceleration of certain Polaris initiatives, will deliver greater value to our shareholders than a separation of digital and physical assets at either the enterprise or brand levels. Racism, sexism and other forms of discrimination will not be tolerated. 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 COVID-19 pandemic on Macy's customer demand and supply chain, as well as its consolidated results of operation, financial position and cash flows, Macys ability to successfully implement its Polaris strategy, including the ability to realize the anticipated benefits within 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-price and discount stores, manufacturers outlets, the Internet and catalogs and general consumer spending levels, including the impact of the availability and level of consumer debt, possible systems failures and/or security breaches, the potential for the incurrence of charges in connection with the impairment of intangible assets, including goodwill, Macys 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, labor shortages, the amount and timing of future dividends and share repurchases and other factors identified in documents filed by the company with the Securities and Exchange Commission, including under the captions Forward-Looking Statements and Risk Factors in the companys Annual Report on Form 10-K for the year ended January 30, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended October 30, 2021. Since youve just unblocked this person, you must wait 48 hours before renewing the block. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. Stores impacted by a natural disaster or undergoing significant expansion or shrinkage remain in the comparable sales calculation unless the store, or material portion of the store, is closed for a significant period of time. Platinum, Gold and Silver customers in the Star Rewards Loyalty program continued to engage, with the average customer spend up 9% versus the fourth quarter of 2019. Management also believes free cash flow provides a better indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Im not surprised by Macys strong fourth quarter results, says former Macy's president Terry Lundgren, 'Macy's P/E and valuation is very attractive,' says Cowen's Oliver Chen, pressured to spin off its online business from its real estate, reportedly been working with AlixPartners to look at a spinoff of its off-price division. That's better than the $4.04 analysts were looking for. Intraday data delayed at least 15 minutes or per exchange requirements. Unlike cash flow provided by operating activities, free cash flow includes the impact of capital expenditures, providing a more complete picture of cash generation. The company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. All Rights Reserved. Such statements are based upon the current beliefs and expectations of Macys management and are subject to significant risks and uncertainties. Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and all online sales in the calculation of comparable sales. Macy's on Tuesday reported fiscal fourth-quarter earnings and sales that outpaced analysts' estimates and said that a strategic review has prompted the retailer to accelerate its turnaround plans. And during the pandemic, valuations of pure e-commerce retail companies soared as consumers shifted much of their spending online. NEW YORK--(BUSINESS WIRE)--Macys, Inc. (NYSE: M) today reported financial results for the fourth quarter and fiscal 2021 and provided 2022 guidance. Improvement as a result of merchandise margin was largely due to benefits from pricing, promotion and inventory productivity enhanced by the Polaris strategy. Privacy Notice, and Categories that were solid throughout the pandemic, including home, fragrances, jewelry, watches and sleepwear, continued to see strong sales performance. The stock of another e-commerce apparel business, Revolve, is down 2%. Digital penetration was 39% of net sales, a 5-percentage point decline from the fourth quarter of 2020, but a 9-percentage point improvement over the fourth quarter of 2019. Here's how Macy's did in its fourth quarter compared with what analysts were anticipating, based on a survey compiled by Refinitiv: Net income for the three-month period ended Jan. 29 grew to $742 million, or $2.44 a share, from $160 million, or 50 cents per share, a year earlier. It said its annual outlook takes this into consideration. Net income increased from $103M to $286M. Comments that are written in all caps and contain excessive use of symbols will be removed. Only post material thats relevant to the topic being discussed. We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. Approximately 391,000 new customers shopped the Bloomingdales brand during the quarter, a 26% increase versus the fourth quarter of 2019 and spent 41% more. Shares of Farfecth, an online fashion platform, are down more than 50% already this year. Changes in Comparable Sales 13 Weeks Ended January 29, 2022, Increase in comparable sales on an owned basis (Note 5), Comparable sales impact of departments licensed to third parties (Note 6), Increase in comparable sales on an owned plus licensed basis, Changes in Comparable Sales 52 Weeks Ended January 29, 2022. Macy's is also working on launching a digital marketplace where it can sell more third-party brands. Management believes that providing supplemental changes in comparable sales on an owned plus licensed basis, which includes adjusting for the impact of comparable sales of departments licensed to third parties, assists in evaluating the company's ability to generate sales growth, whether through owned businesses or departments licensed to third parties, and in evaluating the impact of changes in the manner in which certain departments are operated. Important Information Regarding Non-GAAP Financial Measures. This compares to diluted earnings per share of $0.50 and Adjusted diluted earnings per share of $0.80 in the fourth quarter of 2020. Represents the period-to-period percentage change in net sales from stores in operation during the 13 and 52 weeks ended January 29, 2022 and the 13 and 52 weeks ended January 30, 2021 and February 1, 2020, respectively. In its financial statements prepared in conformity with GAAP, the company includes these commissions (rather than sales of the departments licensed to third parties) in its net sales. Avoid profanity, slander or personal attacks. The quarter benefited from strong expense leverage in conjunction with growing sales driven by disciplined expense management and improved productivity resulting from the company's Polaris strategy, including the permanent cost savings realized in 2020. Your status will be reviewed by our moderators. The Bronze segment of the Star Rewards Loyalty program, its youngest and most diverse loyalty tier, continued to grow with the addition of 3.5 million new members during the quarter. EBITDA and adjusted EBITDA are reconciled to GAAP net income (loss). Analysts were looking for same-store sales growth of 24.25%, according to Refinitiv. As a result of the review, the company is accelerating Polaris initiatives that span digital, brand partners, private label, marketing and loyalty and the expansion of off-mall, small-format Market by Macys and Bloomies stores. Analysts and investors may call in on 1-800-458-4121, passcode 7189632. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. This browser is no longer supported at MarketWatch. Macy's also emphasized that people who shop both in its stores and on its website are more loyal and bigger spenders. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. Something went wrong while loading Watchlist. Thanks for your comment. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Economic Events and content by followed authors, * In Millions of USD (except for per share items). In addition, some financial ratios derived from these reports are featured. performance. Delivery expense as a percent of net sales increased 190 basis points from the fourth quarter of 2019, due to increased digital penetration and holiday delivery expense surcharges. Digital sales rose 12% year over year and increased 36% on a two-year basis. Revenue grew to $8.67 billion from $6.78 billion a year earlier, beating expectations for $8.47 billion. No stores have been excluded as a result of the COVID-19 pandemic. Q: Quarterly report, which is equivalent to the 10-Q file disclosed by the listed company to the SEC, where Q1, Q2, Q3, and Q4 are single quarterly reports with a span of 3 months; Q6 and Q9 are cumulative quarterly reports, and Q6 is 6 months , Q9 is 9 months. Across our iconic nameplates, including Macys, Bloomingdales and Bluemercury, we help our customers express their unique style and celebrate special moments, big and small. Log in to see them here or sign up to get started. But in recent months, that momentum has slowed and shoppers are back inside stores. Beat earnings , beat revenue , higher forecast = down 5%. The income tax expense of $154 million and income tax benefit of $846 million, or 49.0% and 17.7% of pretax income and loss, respectively, for the 13 and 52 weeks ended January 30, 2021, reflected a different projected benefit rate as compared to the company's federal income tax statutory rate of 21% primarily due to the carryback of net operating losses as permitted under the CARES Act. Gross margin is defined as net sales less cost of sales. Such calculation includes all digital sales and excludes commissions from departments licensed to third parties. In addition, management believes that excluding certain items from EBITDA, net income (loss) and diluted earnings (loss) per share that are not associated with the companys core operations and that may vary substantially in frequency and magnitude from period-to-period provides useful supplemental measures that assist in evaluating the company's ability to generate earnings and to more readily compare these metrics between past and future periods. Earnings per share: $2.45 adjusted vs. $2 expected, Revenue: $8.67 billion vs. $8.47 billion expected. Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.coms discretion. Nordstrom has, meantime, reportedly been working with AlixPartners to look at a spinoff of its off-price division, Nordstrom Rack. E-commerce represented 39% of net sales. Adjusted diluted earnings (loss) per share is reconciled to GAAP diluted earnings (loss) per share. Key to the Boards decision-making were the high separation costs and ongoing costs from operating separated businesses, as well as high execution risk for the business and the companys customers. The company said in a press release it anticipates positive momentum and strong consumer demand in the months ahead. A brief financial summary of Macys Inc as well as the most significant critical numbers from each of its financial reports. A Division of NBCUniversal. Delivery expense as a percent of net sales increased 200 basis points from 2019, due to increased digital penetration. Be respectful. For Macys omnichannel markets, more than 58% of the markets with stores saw omnichannel sales growth over the fourth quarter of 2019 levels, representing 80% of comparable owned plus licensed sales, and with more than half of them growing 10% or more. SG&A expense as a percent of sales was 32.9%, an improvement of 610 basis points from 2020 and 370 basis points from 2019. Visit a quote page and your recently viewed tickers will be displayed here. SG&A expense as a percent of sales was 28.0%, an improvement of 220 basis points from the fourth quarter of 2020 and 210 basis points from the fourth quarter of 2019. The company also operates as a beauty products and spa retailer. Macy's, Inc. was founded in 1830 and is based in New York, New York. To maintain share of consumers' wallets, Macy's has invested in launching more of its own private labels, revamping its loyalty program, overhauling its website and opening smaller, off-mall shops with a more modern look. I am proud that Macys, Inc. outperformed expectations on both the top and bottom lines every quarter in 2021, despite COVID-19 related disruptions, supply chain issues, labor shortages and elevated inflation, said Jeff Gennette, chairman and chief executive officer of Macys, Inc. Our business has momentum and is serving more customers at more touchpoints in their shopping journey., Our team began the large-scale work of transforming Macys, Inc. two years ago when we launched the Polaris strategy, and today we believe the evidence is clear our business is stronger, more agile, and financially healthier.
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macy's financial statements 2021