Macy’s, Inc. Announces November/December 2019 Sales Results
January 08 2020 - 7:30AM
Business Wire
Macy’s, Inc. (NYSE:M) today announced comparable sales results
for the months of November and December 2019.
November/December 2019 Comparable Sales
November/December 2019
Comparable sales
(owned)
(0.7)%
Comparable sales
(owned plus licensed)
(0.6)%
“Macy’s, Inc.’s performance during the holiday season reflected
a strong trend improvement from the third quarter. Our digital
business and Growth150 stores performed well. Additionally,
customers responded to our gifting assortment and marketing
strategy, particularly in the 10 days before Christmas,” said Jeff
Gennette, chairman and chief executive officer of Macy’s, Inc. “The
entire organization committed to delivering Holiday 2019, and it
showed up in our execution. I want to thank all of our colleagues –
full-time, part-time and seasonal – for their hard work and
dedication to serving our customers.”
Investor Day
As previously announced, Macy’s, Inc. will host an Investor Day
at 8:00 a.m. ET on Wednesday, February 5, 2020, at the New York
Stock Exchange. At that time, the management team will share
details of Macy’s, Inc.'s growth plans and three-year strategy.
Macy’s, Inc.’s webcast, along with the associated presentation,
will be accessible to the media and general public via the
company's investor relations website, www.macysinc.com.
Important Information Regarding Financial Measures
Please see the final pages of this news release for important
information regarding the calculation of the company’s non-GAAP
financial measures.
About Macy's, Inc.
Macy’s, Inc. is one of the nation’s premier retailers, with
fiscal 2018 sales of $24.971 billion and approximately 130,000
employees. The company operates approximately 680 department stores
under the nameplates Macy’s and Bloomingdale’s, and approximately
190 specialty stores that include Bloomingdale’s The Outlet,
Bluemercury, and Macy’s Backstage. Macy’s, Inc. operates stores in
43 states, the District of Columbia, Guam and Puerto Rico, as well
as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s
stores in Dubai and Kuwait are operated by Al Tayer Group LLC under
license agreements. Macy’s, Inc. has corporate headquarters in
Cincinnati, Ohio, and New York, New York.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to 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
conditions to, or changes in the timing of, proposed real estate
and other transactions, prevailing interest rates and non-recurring
charges, the effect of federal tax reform and potential changes to
trade policies, store closings, competitive pressures from
specialty stores, general merchandise stores, off-price and
discount stores, manufacturers’ outlets, the Internet, mail-order
catalogs and television shopping and general consumer spending
levels, including the impact of the availability and level of
consumer debt, the potential for the incurrence of charges in
connection with the impairment of intangible assets, including
goodwill, the effect of weather and other factors identified in
documents filed by the company with the Securities and Exchange
Commission. 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.
MACY’S, INC.
Important Information
Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). 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.
Management believes that providing supplemental changes in
comparable sales on an owned plus licensed basis, which includes
adjusting for growth in 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.
Non-GAAP financial measures should be viewed as supplementing,
and not as an alternative or substitute for, the company's
financial results prepared in accordance with GAAP. Certain of the
items that may be excluded or included in non-GAAP financial
measures may be significant items that could impact the company's
financial position, results of operations or cash flows and should
therefore be considered in assessing the company's actual and
future financial condition and performance. Additionally, the
amounts received by the company on account of sales of departments
licensed to third parties are limited to commissions received on
such sales. 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. As a result,
any non-GAAP financial measures presented herein may not be
comparable to similar measures provided by other companies.
Changes in Comparable Sales
9 Weeks Ended January 4, 2020
Decrease in comparable sales on an owned
basis (Note 1)
(0.7)%
Comparable sales growth impact of
departments licensed to third parties (Note 2)
0.1%
Decrease in comparable sales on an owned
plus licensed basis
(0.6)%
- Represents the period-to-period percentage change in net sales
from stores in operation throughout the year presented and the
immediately preceding year and all online sales, excluding
commissions from departments licensed to third parties. 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. Definitions and calculations of
comparable sales may differ among companies in the retail
industry.
- 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. 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. 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. The company does not, however,
include any amounts in respect of licensed department sales (or any
commissions earned on such sales) in its comparable sales in
accordance with GAAP (i.e., on an owned basis). The amounts of
commissions earned on sales of departments licensed to third
parties are not material to its net sales for the periods
presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200108005422/en/
Media - Blair Rosenberg 646-429-6032
media@macys.com
Investors - Mike McGuire 513-579-7780
investors@macys.com
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