$M
Macy's, Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023021104 Filed on June 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $5.173B $5.348B
YoY Change -3.27% 13.64%
Cost Of Revenue $2.988B $3.231B
YoY Change -7.52% 11.84%
Gross Profit $2.185B $2.308B
YoY Change -5.33% 27.02%
Gross Profit Margin 42.24% 43.16%
Selling, General & Admin $1.950B $1.879B
YoY Change 3.78% 7.49%
% of Gross Profit 89.24% 81.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $218.0M $206.0M
YoY Change 5.83% -8.04%
% of Gross Profit 9.98% 8.93%
Operating Expenses $1.950B $1.879B
YoY Change 3.78% 7.49%
Operating Profit $235.0M $429.0M
YoY Change -45.22% 99.53%
Interest Expense -$37.00M -$47.00M
YoY Change -21.28% -159.49%
% of Operating Profit -15.74% -10.96%
Other Income/Expense, Net $4.000M $7.000M
YoY Change -42.86% -53.33%
Pretax Income $211.0M $392.0M
YoY Change -46.17% 180.0%
Income Tax $56.00M $106.0M
% Of Pretax Income 26.54% 27.04%
Net Earnings $155.0M $286.0M
YoY Change -45.8% 177.67%
Net Earnings / Revenue 3.0% 5.35%
Basic Earnings Per Share $0.57 $1.01
Diluted Earnings Per Share $0.56 $0.98
COMMON SHARES
Basic Shares Outstanding 273.1M shares 283.6M
Diluted Shares Outstanding 277.8M shares 290.9M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $603.0M $672.0M
YoY Change -10.27% -62.63%
Cash & Equivalents $603.0M $675.0M
Short-Term Investments
Other Short-Term Assets $390.0M $372.0M
YoY Change 4.84% -63.06%
Inventory $4.607B $4.956B
Prepaid Expenses $390.0M $372.0M
Receivables $255.0M $233.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.855B $6.233B
YoY Change -6.06% -13.91%
LONG-TERM ASSETS
Property, Plant & Equipment $8.579B $8.337B
YoY Change 2.9% 43.79%
Goodwill $828.0M $828.0M
YoY Change 0.0% 0.0%
Intangibles $432.0M $434.0M
YoY Change -0.46% -0.46%
Long-Term Investments
YoY Change
Other Assets $1.174B $1.140B
YoY Change 2.98% 22.98%
Total Long-Term Assets $11.01B $10.74B
YoY Change 2.55% -0.95%
TOTAL ASSETS
Total Short-Term Assets $5.855B $6.233B
Total Long-Term Assets $11.01B $10.74B
Total Assets $16.87B $16.97B
YoY Change -0.61% -6.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.648B $2.865B
YoY Change 62.23% 12.57%
Accrued Expenses $2.233B $2.456B
YoY Change -9.08% -6.12%
Deferred Revenue $360.0M $428.0M
YoY Change -15.89% -26.21%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.782B $5.543B
YoY Change -13.73% 0.45%
LONG-TERM LIABILITIES
Long-Term Debt $2.996B $2.994B
YoY Change 0.07% -34.31%
Other Long-Term Liabilities $4.004B $4.189B
YoY Change -4.42% 222.98%
Total Long-Term Liabilities $7.000B $7.183B
YoY Change -2.55% 453.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.782B $5.543B
Total Long-Term Liabilities $7.000B $7.183B
Total Liabilities $12.70B $13.69B
YoY Change -7.27% 100.94%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.170B $3.278B
YoY Change
Total Liabilities & Shareholders Equity $16.87B $16.97B
YoY Change -0.61% -6.14%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $155.0M $286.0M
YoY Change -45.8% 177.67%
Depreciation, Depletion And Amortization $218.0M $206.0M
YoY Change 5.83% -8.04%
Cash From Operating Activities $105.0M $248.0M
YoY Change -57.66% -49.8%
INVESTING ACTIVITIES
Capital Expenditures $296.0M $171.0M
YoY Change 73.1% 180.33%
Acquisitions
YoY Change
Other Investing Activities $26.00M $6.000M
YoY Change 333.33% -135.29%
Cash From Investing Activities -$270.0M -$194.0M
YoY Change 39.18% 162.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$35.00M $584.0M
YoY Change -105.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -94.00M -1.094B
YoY Change -91.41% 264.67%
NET CHANGE
Cash From Operating Activities 105.0M 248.0M
Cash From Investing Activities -270.0M -194.0M
Cash From Financing Activities -94.00M -1.094B
Net Change In Cash -259.0M -1.040B
YoY Change -75.1% -966.67%
FREE CASH FLOW
Cash From Operating Activities $105.0M $248.0M
Capital Expenditures $296.0M $171.0M
Free Cash Flow -$191.0M $77.00M
YoY Change -348.05% -82.22%

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CY2023Q2 us-gaap Increase Decrease In Prepaid Expense
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CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
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CY2023Q2 us-gaap Increase Decrease In Accounts Payable Trade
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CY2022Q2 us-gaap Increase Decrease In Accounts Payable Trade
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CY2023Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2023Q2 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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CY2022Q2 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q2 us-gaap Payments For Software
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CY2023Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q2 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q2 us-gaap Proceeds From Issuance Of Debt
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CY2023Q2 us-gaap Payments Of Debt Issuance Costs
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CY2022Q2 us-gaap Repayments Of Unsecured Debt
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CY2022Q2 us-gaap Payments Of Dividends Common Stock
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CY2023Q2 us-gaap Increase Decrease In Outstanding Checks Financing Activities
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CY2022Q2 us-gaap Increase Decrease In Outstanding Checks Financing Activities
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CY2023Q2 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q2 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
675000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Interest Paid Net
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CY2022Q2 us-gaap Interest Paid Net
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CY2023Q2 us-gaap Proceeds From Interest Received
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CY2022Q2 us-gaap Proceeds From Interest Received
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CY2023Q2 us-gaap Income Taxes Paid Net
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CY2022Q2 us-gaap Income Taxes Paid Net
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CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q2 us-gaap Number Of States In Which Entity Operates
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CY2023Q2 us-gaap Use Of Estimates
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions are subject to inherent uncertainties which may result in actual amounts differing from reported amounts.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consolidated Financial Statements for the 13 weeks ended April 29, 2023 and April 30, 2022, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly, in all material respects, the consolidated financial position and results of operations of the Company.</span></div>
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
286000000 usd
CY2023Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications were made to prior years' amounts to conform with the classifications of such amounts in the most recent years.</span></div>
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
155000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
272200000 shares
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
286000000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
282600000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
900000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000.0 shares
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
155000000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
283600000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.01
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4700000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7300000 shares
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
155000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
277800000 shares
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
286000000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
290900000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.98
CY2023Q2 m Percentage Of Net Sales To Total Revenue
PercentageOfNetSalesToTotalRevenue
0.96
CY2022Q2 m Percentage Of Net Sales To Total Revenue
PercentageOfNetSalesToTotalRevenue
0.96
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4982000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5348000000 usd
CY2023Q2 m Other Revenue Net
OtherRevenueNet
191000000 usd
CY2022Q2 m Other Revenue Net
OtherRevenueNet
217000000 usd
CY2023Q2 us-gaap Revenues
Revenues
5173000000 usd
CY2022Q2 us-gaap Revenues
Revenues
5565000000 usd
CY2023Q2 m Macys Sales To Entire Company Sales
MacysSalesToEntireCompanySales
0.85
CY2022Q2 m Macys Sales To Entire Company Sales
MacysSalesToEntireCompanySales
0.86
CY2023Q2 m Percentage Of Digital Sales To Net Sales
PercentageOfDigitalSalesToNetSales
0.32
CY2022Q2 m Percentage Of Digital Sales To Net Sales
PercentageOfDigitalSalesToNetSales
0.33
CY2023Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
214000000 usd
CY2023Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
236000000 usd
CY2022Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
245000000 usd
CY2023Q2 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
127000000 usd
CY2023Q1 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
152000000 usd
CY2022Q2 us-gaap Contract With Customer Right To Recover Product
ContractWithCustomerRightToRecoverProduct
144000000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
360000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
399000000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
428000000 usd
CY2022Q2 us-gaap Repayments Of Debt
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1100000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1400000 shares
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1375000000 usd
CY2023Q2 m Number Of Hours Required For Participation In Defined Benefit And Defined Contribution Plans
NumberOfHoursRequiredForParticipationInDefinedBenefitAndDefinedContributionPlans
1000 hour
CY2023Q2 m Total Retirement Expense
TotalRetirementExpense
20000000 usd
CY2022Q2 m Total Retirement Expense
TotalRetirementExpense
16000000 usd
CY2023Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
36000000 usd
CY2022Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
35000000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3007000000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
2996000000 usd
CY2023Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2468000000 usd
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3007000000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
2994000000 usd
CY2022Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2675000000 usd
CY2023Q2 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
102000000 usd
CY2023Q1 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
63000000 usd
CY2022Q2 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
106000000 usd

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