Macy's Files 8-K: Operations & Financials Update

TL;DR

Macy's dropped an 8-K on Dec 11th covering ops & financials. Details inside.

AI Summary

On December 11, 2024, Macy's, Inc. filed an 8-K report detailing the results of operations and other events. The filing includes financial statements and exhibits, but specific financial figures or significant operational changes were not detailed in the provided excerpt.

Why It Matters

This filing provides an official update on Macy's operational and financial status, which is crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report and does not appear to disclose any immediate material adverse events or significant financial distress.

Key Players & Entities

• Macy's, Inc. (company) — Registrant
• December 11, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 1-13536 (filing_number) — SEC File Number
• 13-3324058 (tax_id) — IRS Employer Identification No.
• 151 West 34th Street (address) — Principal Executive Offices
• New York (location) — Principal Executive Offices City
• 10001 (zip_code) — Principal Executive Offices Zip
• ( 212 ) 494-1621 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $151 million — ing documentation to hide approximately $151 million of cumulative delivery expenses from th
• $9 m — f fiscal 2024 amounted to approximately $9 million, which was adjusted in total duri

Filing Documents

• n-20241211.htm (8-K) — 36KB
• m-20241211xexx991.htm (EX-99.1) — 353KB
• revisedconsolidatedfinanci.htm (EX-99.2) — 282KB
• inclogowithline.jpg (GRAPHIC) — 11KB
• n-20241211_g1.gif (GRAPHIC) — 24KB
• 0001628280-24-050691.txt ( ) — 915KB
• n-20241211.xsd (EX-101.SCH) — 2KB
• n-20241211_lab.xml (EX-101.LAB) — 21KB
• n-20241211_pre.xml (EX-101.PRE) — 12KB
• n-20241211_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On December 11, 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 13 and 39 weeks ended November 2, 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-plus-marketplace 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 benefits (costs) and settlement charges. 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. Revised Consolidated Financial Statements and Non-GAAP Financial Measures for Correction of Immaterial Errors During the preparation of the Company's unaudited consolidated financial statements for the fiscal quarter ended November 2, 2024, the Company identified an issue related to delivery expenses, a component of cost of sales, in one of its accrual accounts. The Company consequently initiated an independent investigation. As a result of the independent investigation and forensic analysis, the Company identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation to hide approximately $151 million of cumulative deliver

01. Other Events

Item 8.01. Other Events Material Weakness in Internal Control Over Financial Reporting In the course of preparing the Company's financial statements for the interim period ended November 2, 2024, management identified a material weakness in its internal control over financial reporting related to the design of existing internal control activities involving manual journal entries over delivery expenses and certain other non-merchandise expenses, and the reconciliation of the related accrued liabilities. The Company identified that a single employee, who is no longer with the Company, intentionally made erroneous accounting entries and falsified underlying documentation, to understate delivery expenses from the fourth quarter of 2021 through the third quarter of 2024. This material weakness resulted in errors that were revised in our consolidated financial statements as more fully detailed in Exhibit 99.2. The material weakness was the result of deficiencies in the design of controls over delivery expense and certain other non-merchandise expenses, and the related accrued liabilities, whereby the design of the controls did not consider the potential for employee circumvention of these controls. The design of these controls included failures to obtain, or generate and use, relevant, quality information to support the functioning of these controls, including validation of the reliability of the information. Plan for Remediation of the Material Weakness The Company is committed to addressing the material weakness and has begun to implement changes designed to improve its internal control over financial reporting and to remediate the material weakness, including: Re-evaluating the risk of employee circumvention of controls, including risks surrounding the completeness of delivery expense and certain other non-merchandise expenses and the related accrued liabilities; Re-designing process level control activities that are responsive to the risk of employee circ

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release of Macy's dated December 11 , 2024 99.2 Revised Consolidated Financial Statements and Non-GAAP Financial Measures 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: December 11, 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