Macy's 8-K Details Operations, Exit Costs, and Impairments

TL;DR

**Macy's just dropped an 8-K on Feb 27, 2024, detailing financial results, exit costs, and impairments, signaling potential strategic shifts.**

AI Summary

Macy's, Inc. filed an 8-K on February 27, 2024, reporting on its results of operations and financial condition, including costs associated with exit or disposal activities and material impairments. The filing indicates the company's address as 151 West 34th Street, New York, New York 10001, and its IRS Employer Identification No. as 13-3324058. This report was filed under the Securities Exchange Act of 1934.

Why It Matters

This filing provides insight into Macy's financial health and strategic decisions, particularly regarding store closures or asset disposals, which can impact future profitability and market position.

Risk Assessment

Risk Level: medium — The mention of 'Cost Associated with Exit or Disposal Activities' and 'Material Impairments' suggests potential financial restructuring or underperforming assets, which can be a risk.

Key Players & Entities

• Macy's, Inc. (company) — Registrant
• February 27, 2024 (date) — Date of Report
• 151 West 34th Street, New York, New York 10001 (address) — Principal Executive Offices
• 13-3324058 (number) — IRS Employer Identification No.
• Delaware (location) — State of Incorporation

FAQ

Key Financial Figures

• $1.0 billion — nnounced that it incurred approximately $1.0 billion in impairment, restructuring and other
• $950 million — These costs consisted of an approximate $950 million non-cash asset impairment charge, prima
• $50 million — ed with corporate assets. The remaining $50 million of the approximately $1.0 billion charg

Filing Documents

• m-20240227.htm (8-K) — 30KB
• m-20240307xexx991.htm (EX-99.1) — 348KB
• macysaboldnewchapterreleas.htm (EX-99.2) — 15KB
• imagea.jpg (GRAPHIC) — 11KB
• inclogowithline.jpg (GRAPHIC) — 11KB
• 0001628280-24-007023.txt ( ) — 580KB
• m-20240227.xsd (EX-101.SCH) — 2KB
• m-20240227_lab.xml (EX-101.LAB) — 23KB
• m-20240227_pre.xml (EX-101.PRE) — 12KB
• m-20240227_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On February 27, 2024 , Macy's, Inc. ("Macy's" or the "Company") issued a press release announcing Macy's financial condition, results of operations and cash flows as of and for the 14 and 53 weeks ended February 3, 2024. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Macy's reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The press release referred to above contains non-GAAP financial measures of changes in comparable sales on an owned plus licensed basis, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share. Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share exclude certain items that consist of impairment, restructuring and other costs, settlement charges and losses on early retirement of debt. A section has been included at the end of the press release that contains important additional information regarding these non-GAAP financial measures including reconciliation to the most directly comparable GAAP financial measure

05. Costs Associated With Exit or Disposal Activities

Item 2.05. Costs Associated With Exit or Disposal Activities. On February 27, 2024 , Macy's announced that it incurred approximately $1.0 billion in impairment, restructuring and other costs in the fourth quarter of fiscal 2023 primarily related to actions intended to support profitable growth and market share gains, and that align with A Bold New Chapter strategy. These costs consisted of an approximate $950 million non-cash asset impairment charge, primarily related to the approximately 150 locations planned for closure over the next three years and the remaining associated with corporate assets. The remaining $50 million of the approximately $1.0 billion charge consisted of cash expenditures related to employee termination charges, all of which the Company expects to fund by the second quarter of fiscal 2024.

06. Material Impairments

Item 2.06. Material Impairments. The information set forth in Item 2.05 above is incorporated herein by reference.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On February 27, 2024 , Macy's issued a press release announcing its new strategy, A Bold New Chapter, designed to return Macy's to enterprise growth. The full text of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The information in Exhibit 99.2 is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release of Macy's dated February 27 , 202 4 - Results of Operations and Financial Condition. 99.2 Press Release of Macy's dated February 27, 2024 - Regulation FD Disclosure. 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document). MACY'S, INC. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MACY'S, INC. Dated: February 27, 2024 By: /s/ Paul Griscom Name: Paul Griscom Title: Senior Vice President and Controller

View Full Filing

View this 8-K filing on SEC EDGAR