Macy's (M) Q4 2024 Earnings
GAAP EPS of $1.21 includes $175 million of impairment, restructuring and other costs and $46 million of settlement charges (net tax benefit of $56 million on these items)
How Did M Stock React to Q4 2024 Earnings?
S&P 500 over the same 30 days: −11.93%.
Did M Beat Earnings? Q4 2024 Results
Yes. Macy's reported Q4 2024 earnings of $1.80 a share on Mar 6, 2025, beating the $1.54 consensus estimate by 16.7%. Revenue was $8.0B against a $7.8B estimate.
Macy's posted a stronger-than-expected fourth quarter, with adjusted diluted EPS of $1.80 beating the $1.54 Wall Street consensus by 16.68%, while revenue of $8.01 billion topped estimates by 3.24% despite falling 4.4% year over year as the company shed dozens of underperforming locations under its Bold New Chapter strategy. The headline driver behind the beat was a dramatic reduction in impairment and restructuring charges, which fell to $175 million from over $1 billion a year earlier, while GAAP EPS of $1.21 also reflected $46 million in settlement charges. Operationally, Bloomingdale's and Bluemercury emerged as standout performers, with Bloomingdale's posting owned-plus-licensed-plus-marketplace comparable growth of 6.5% and Bluemercury extending its streak of positive comparable sales to 16 consecutive quarters, lending credibility to management's luxury-focused pivot. The company's revamped "First 50" Macy's locations also delivered a fourth straight quarter of comparable growth, though the broader consumer environment remains uncertain, reflected in 2025 guidance for net sales of $21.00 billion to $21.40 billion and adjusted diluted EPS of $2.05 to $2.25.
- Bloomingdale's achieved owned comparable sales growth of 4.8% and owned-plus-licensed-plus-marketplace growth of 6.5% in Q4
- Bluemercury posted 16th consecutive quarter of comparable sales growth at 6.2%
- Macy's First 50 locations delivered fourth consecutive quarter of comparable sales growth, up 0.8% owned and 1.2% owned-plus-licensed
- Favorable year-over-year shortage trends benefited merchandise margin
- Macy's Media Network revenue grew 6.7% driven by increased advertisers and campaign counts
- Disciplined non-customer facing cost management reduced SG&A expense by $23 million
“As we close out the first year of the Bold New Chapter strategy, investments in the customer experience enabled us to achieve our highest comparable sales of the year, our best performance in 11 quarters. At Macy's, our First 50 locations delivered four quarters of increased sales, while our luxury nameplates, Bloomingdale's and Bluemercury, achieved accelerated annual sales growth. As we enter the second year of our strategy, we plan to scale initiatives that are resonating with our customers to drive long-term profitable growth and further unlock shareholder value.”
Macy's CEO, on the earnings call
What Was Macy's's Outlook in Q4 2024?
For fiscal year 2025, Macy's expects net sales of $21.0 billion to $21.4 billion (reflecting ~$700 million impact from fiscal 2024 store closures), comparable owned-plus-licensed-plus-marketplace sales down ~2.0% to down ~0.5%, go-forward business comparable sales down ~2.0% to ~flat, Adjusted EBITDA as a percent of total revenue of 8.4% to 8.6%, Core Adjusted EBITDA as a percent of total revenue of 8.0% to 8.2%, and adjusted diluted EPS of $2.05 to $2.25. The impact of potential future share repurchases is not included in guidance.
M YoY Financials
| Metric | Q4 2024 | Q4 2023 | Year over year |
|---|---|---|---|
| Revenue | $8.0B | $8.4B | −4.4% |
| Gross Profit | $2.8B | $3.3B | −15.8% |
| Operating Income | $500.0M | $55.3M | +804.2% |
| Net Income | $342.0M | $49.7M | +588.6% |
M Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.