Q4 2024 Macy's Inc Earnings Call Transcript
Key Points
- Macy's Inc (M) achieved a 0.2% comp gain in the fourth quarter, marking its highest in 11 quarters.
- The company realized a 71% increase in free cash flow, reaching $679 million, inclusive of asset monetization proceeds.
- Macy's Inc (M) closed 64 underperforming stores, exceeding their annual plan and contributing to asset sale gains.
- Bloomingdale's achieved a positive 6.5% comp, the strongest fourth quarter volume in its history.
- Bluemercury marked its 16th consecutive quarter of positive comps, showcasing strong performance in beauty trends.
- Macy's Inc (M) reported a decline in total net sales to $7.8 billion from $8.1 billion the previous year.
- The company anticipates continued pressure on consumer spending due to inflation and economic uncertainties.
- Macy's Inc (M) expects a decline in comps for 2025, projecting a range of down 2% to down 0.5%.
- The home category remains under pressure, impacted by interest rates and competitive landscape.
- SG&A expenses increased as a percentage of total revenue, reflecting lower year-over-year total revenue.
Greetings and welcome to the Macy's Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the conference over to Pamela Quintiliano, Vice President of Investor Relations. Thank you. Please go ahead.
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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 fourth 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.
Unless otherwise noted, the comparisons we provide will be versus 2023. All references to our prior expectations, outlook or guidance refer to the information provided on our December 11 earnings call, or our January 13 sales and earnings press release, unless
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