{"id":384756,"date":"2020-11-19T06:58:08","date_gmt":"2020-11-19T11:58:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384756"},"modified":"2020-11-19T06:58:08","modified_gmt":"2020-11-19T11:58:08","slug":"macys-inc-reports-third-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/macys-inc-reports-third-quarter-2020-results\/","title":{"rendered":"Macy\u2019s, Inc. Reports Third Quarter 2020 Results"},"content":{"rendered":"

<\/p>\n

Macy\u2019s, Inc. Reports Third Quarter 2020 Results<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nMacy\u2019s, Inc. (NYSE: M) today reported results for the third quarter of 2020.\n<\/p>\n

\n\u201cMacy\u2019s, Inc. third quarter results reflect solid performance across all three brands \u2013 Macy\u2019s, Bloomingdale\u2019s and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season,\u201d said Jeff Gennette, chairman and chief executive officer of Macy\u2019s, Inc. \u201cCustomers shopped our brands across all channels in the third quarter and responded well to our expanded fulfillment offerings, such as curbside, store pickup and same-day delivery. Our digital business delivered strong growth and sales in our stores continued to recover. Customers have shifted their spending to casual apparel and categories they can enjoy as they stay at home. Several of these categories, including home furnishings, jewelry and fragrance, have generated double-digit sales growth compared to last year.\u201d\n<\/p>\n

\n\u201cLooking to Holiday 2020, we know this year is different. We are committed to bringing the joy of the season to America as we do every year. From next week\u2019s Thanksgiving Day Parade to reimagined family gatherings, we will help our customers and their families celebrate in style. We have the right gifting assortment with newness from value to luxury, and our expanded fulfillment options allow customers to shop safely and conveniently, in store or online,\u201d continued Gennette. \u201cWe continue to watch the resurgence of COVID-19 and its potential impact on our business. Our teams are executing well and have shown the flexibility and agility to adjust plans and provide a great omnichannel experience to our customers.\u201d\n<\/p>\n

Financial Highlights<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Third Quarter<\/b><\/p>\n<\/td>\n

\n

Year to Date<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(All amounts in millions, except per share figures)<\/i><\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

2019<\/b><\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet sales\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n3,990\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n5,173\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n10,566\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n16,223\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (loss) (a) (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(91\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,104\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n224\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarnings (loss) before interest, taxes, depreciation and amortization (a) (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n113\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n300\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(4,182\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,147\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings (loss) per share (a) (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.29\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(13.20\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.72\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Net income (loss) (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(60\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n21\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(941\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n246\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Earnings (loss) before interest, taxes, depreciation and amortization (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n159\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n325\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(672\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,175\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Diluted earnings (loss) per share (b)\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.19\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.07\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(3.03\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.79\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(a): The results for the 39 weeks ended October 31, 2020 include the pre-tax impact of the non-cash goodwill and long-lived asset impairment charges of $3.1 billion and $83 million, respectively, as well as the related tax impact.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(b): The results for the 13 and 39 weeks ended October 31, 2020 include benefits of tax law changes resulting from the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNote: Adjusted metrics reflect the exclusion of certain items from the respective financial measures. Please see the final pages of this news release for important information regarding the nature of such excluded amounts and calculation of the company\u2019s non-GAAP financial measures.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Third Quarter Highlights<\/b><\/p>\n