Slide 1: 1Q25 Earnings
1Q25 Earnings May 28, 2025 Flower Show Tote Bag and Charm @ Macy’s
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s, Inc. manageme
Slide 3: Performance Highlights
1Q25 Macy’s, Inc. Performance Highlights -1.2% $0.16 Comparable Owned-Plus- Adjusted Diluted Earnings Licensed-Plus-Marketplace Per Share (EPS) (O+L+M) Sales vs. 1Q24 • Delivered net sales, comparable O+L+M sales and Adj. diluted EPS above the company’s previously issued guidance. • Results benefite
Slide 4: Strengthen & Reimagine Macy's Nameplate
Strengthen & Reimagine Macy’s Nameplate 1Q25 -2.1% Comparable O+L+M Sales vs. -0.8% Reimagine 125 Comparable O+L 1Q24 Sales vs. 1Q24 • Net Promoter Scores (NPS) continued to improve year-over- year (YOY). • Reimagine 125 locations outperformed across all categories. • Backstage store-within-store (S
Slide 5: Accelerate & Differentiate Bloomingdale's
Accelerate & Differentiate Bloomingdale’s 1Q25 +3.8% +55% Comparable O+L+M Sales Approximate Marketplace vs. 1Q24 GMV increase vs. 1Q24 • Benefited from brand launches such as Prada shoes and handbags online, Reformation RTW and Burberry men's and RTW. • Emphasizing special capsules and exclusive pa
Slide 6: Accelerate & Differentiate Bluemercury
Accelerate & Differentiate Bluemercury 1Q25 +1.5% Comparable Owned Sales 17th Consecutive quarter of vs. 1Q24 comparable owned sales growth • Results driven by the 24 new and remodeled locations1 opened in FY24, ongoing strength in dermatological skincare, recent brand launches, and a more targeted
Slide 7: Simplify & Modernize End-to-End Operations
Simplify & Modernize End-to-End Operations 1Q25 -0.5% Inventory vs. 1Q24 +340 bps Speed of delivery1 vs. 1Q24 • Efforts to drive meaningful change to customers, and the company’s operational and financial performance, remain on track. • Challenging the complexity of the company’s business model and
Slide 8: Evolving Global Trade Conditions and Tariffs
Evolving Global Trade Conditions and Tariffs Overview Business Model Advantages • Multi-category and multi-branded model provides flexibility. • Nameplates from off-price to luxury cater to ~40M active customers. • Strong balance sheet and limited near-term debt maturities. Sourcing and Anticipated
Slide 9: A Bold New Chapter
A Bold New Chapter Challenging the status quo to fundamentally reposition the company, enhance the customer experience, deliver growth and unlock shareholder value. Macy’s Garden State Plaza Location rag & bone @ Bloomingdale’s Macy’s, Inc. Portland Facility Strengthen & Reimagine Accelerate & Diffe
Slide 10: 1Q25 Financial Results & Capital Allocation
1Q25 Financial Results & Capital Allocation 10 Arch Studio @ Macy’s
Slide 11: Sales Highlights
1Q25 Financial Results & Capital Allocation Sales Highlights $4.6B -2.0% Net sales1 -5.1% vs 1Q24 Comparable Owned Sales vs. 1Q24 -1.2% -0.9% Comparable O+L+M Sales vs. Go-forward Business2 Comparable 1Q24 O+L+M Sales vs. 1Q24 1 Reflects the impact of FY24 store closures, primarily Macy’s nameplate
Slide 12: Nameplate Highlights
1Q25 Financial Results & Capital Allocation Nameplate Highlights Results versus 1Q24 Net Sales1 -6.5% Comparable O+L+M Sales -2.1% Go-Forward Macy’s Business Comparable O+L+M Sales2 -1.9% Net Sales +2.6% Comparable O+L+M Sales +3.8% Net Sales +0.8% Comparable Owned Sales +1.5% 1 Reflects the impact
Slide 13: Profitability & Productivity Highlights
1Q25 Financial Results & Capital Allocation Profitability & Productivity Highlights Actuals Change vs. 1Q24 Other Revenue $194 +26.0% Credit Card Revenue $154 +31.6% Macy’s Media Network $40 +8.1% Total Revenue $4,793 -4.1% Gross Margin $1,804 -5.1% Gross Margin Rate1 39.2% Flat SG&A Expense $1,913
Slide 14: YTD Capital Allocation Highlights
1Q25 Financial Results and Capital Allocation YTD Capital Allocation Highlights $51M $101M Dividend Payments Share Repurchases Capital Allocation Priorities • Maintain a healthy balance sheet, driving working capital efficiencies; • Strategically investing in growth initiatives while lowering capita
Slide 15: Looking Ahead
Looking Ahead Vince Camuto, Club Room and Hurley @ Macy’s
Slide 16: FY25 Guidance
FY25 Guidance Go-Forward Business1 Comparable O+L+M sales and Core Adjusted EBITDA2 are the best proxy for the company’s future state The company is providing the following estimates for certain FY25 financial statement items, as of May 28, 2025 For more information, refer to the appendix section of
Slide 17: 2Q25 Guidance
2Q25 Guidance The company is providing the following estimates for certain 2Q25 financial statement items, as of May 28, 2025 For more information, refer to the appendix section of this presentation $4.65B to $4.75B -1.5% to +0.5% Net Sales Comparable O+L+M Sales 6.0% to 6.2% $0.15 to $0.20 Core Adj
Slide 18: Q&A
Q&A Flower Show @ Macy’s
Slide 19: Appendix
Appendix Epic Threads @ Macy’s
Slide 20: Store Count as of 5/3/2025
Appendix Store Count as of 5/3/2025 End of 1Q25 Change In Locations from FY24 Locations Macy's Department Stores 390 — Macy's Small Format 20 — Macy's Furniture 34 — Macy's Furniture Clearance 1 — Freestanding Backstage1 5 — Total Macy's 450 — Bloomingdale's Department Stores 31 — Bloomies 4 — Bloom
Slide 21: Long-term Debt Maturities as of 5/3/2025
Appendix Long-term Debt Maturities as of 5/3/2025 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. The $6M of debt due 2025 is classified as short-term debt on the Consolidated Balance Sheet. Appendix 21
Slide 22: 1Q25 Macy's Locations Sales Highlights
Appendix 1Q25 Macy’s Locations Sales Highlights Change vs. 1Q24 Go-Forward Macy’s Locations Comparable O+L Sales1 -2.0% Reimagine 125 Locations Comparable O+L Sales -0.8% Non-Go-Forward Macy’s Locations Comparable O+L Sales -8.1% Appendix 22 1 Go-Forward Macy’s locations inclusive of Reimagine 125 a
Slide 23: 1Q25 Financial Highlights & Commentary
Appendix 1Q25 Financial Highlights & Commentary Actuals Change Commentary vs. 1Q24 Net Sales $4,599 -5.1% Comparable O+L+M sales reflect sales growth at Bloomingdale’s and Bluemercury, offset by a Comparable owned sales -2.0% decline at Macy’s. Digital penetration of net sales was 33%. Owned compara
Slide 24: 1Q25 Financial Highlights & Commentary
Appendix 1Q25 Financial Highlights & Commentary Actuals Change Commentary vs. 1Q24 Adjusted EBITDA $324 -11.0% Adjusted EBITDA and Adjusted Diluted EPS included $16 million of asset sale gains as the company continued to monetize store locations and right-size its supply chain network. Adjusted EBIT
Slide 25: FY25 Guidance as of 5/28/2025
Appendix FY25 Guidance as of 5/28/2025 The company is providing the following estimates for certain FY25 financial statement items. Refer to the following guidance assumptions slide for more details. As of 5/28/2025 As of 3/6/2025 (bold captions indicate a change) Net sales $21.0 billion to $21.4 bi
Slide 26: FY25 Guidance Assumptions as of 5/28/2025
Appendix FY25 Guidance Assumptions as of 5/28/2025 General Considerations • Given uncertainty regarding the tariff impact on consumer health and demand, the company believes it is prudent to incorporate a more choiceful consumer into its outlook for the 2Q25 and the remainder of the year. • Macy's,
Slide 27: FY25 Guidance Assumptions as of 5/28/2025
Appendix FY25 Guidance Assumptions as of 5/28/2025 General Considerations, cont. • In FY25, the company expects digital penetration to be slightly over a third of net sales and depreciation & amortization to be ~$910 million. • In FY25, the company anniversaries the conversion to cost accounting. Co
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Samsonite and Calvin Klein @ Macy’s
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non- GAAP financial measures provide users of the company's financial information with ad
Slide 30: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended May 3, 2025 Macy's, Inc. Macy's Decrease in comparable sales on an owned basis (Note 1) (2.0%) (2.9%) Impact of departments licensed to third parties and marketplace sales (Note 2) 0.8% 0.8% Decrease in comparable sales on an owned-plus-licensed-plus-market
Slide 31: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended May 3, 2025 Macy's, Inc. Go- Macy's Go-Forward Bloomingdale's Bluemercury Forward business business Increase (decrease) in comparable sales on an owned basis (Note 1) (1.8)% (2.7)% 3.0% 1.5% Impact of departments licensed to third parties and marketplace sa
Slide 32: EBITDA Excluding Certain Items
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items Millions, except percentages 13 weeks ended 13 weeks ended May 3, 2025 May 4, 2024 Most comparable GAAP measure: Total revenue $4,793 $5,000 Net income $38 $62 Net income as a percent to total revenue 0.8% 1.2% N
Slide 33: Net Income and Diluted EPS, Excluding Certain Items
Net Income and Diluted Earnings Per Share, Excluding Certain Items Millions, except per share figures 13 weeks ended 13 weeks ended May 3, 2025 May 4, 2024 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $38 $0.13 $62 $0.22 Impairment, restructuring and other
Slide 34: Free Cash Flow
Free Cash Flow Millions 13 weeks ended May 3, 2025 Net cash used by operating activities $(64) Purchase of property and equipment (100) Capitalized software (77) Proceeds from disposition of assets, net 38 Free Cash Flow $(203) Appendix 34