Slide 1: 2Q25 Earnings
2Q25 Earnings September 3, 2025 Kenneth Cole @ 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
2Q25 Macy’s, Inc. Performance Highlights +1.9% Comparable Owned-Plus- $0.41 Adjusted Diluted Earnings Licensed-Plus-Marketplace Per Share (EPS) (O+L+M) Sales vs. 2Q24 • Top-line, bottom-line, core Adj. EBITDA exceeded guidance • Macy’s, Inc. and Macy’s nameplate delivered strongest comparable sales
Slide 4: Macy's Nameplate
Strengthen & Reimagine Macy’s Nameplate 2Q25 +1.2% Comparable O+L+M Sales vs. +1.5% Macy’s Go-Forward Business1 2Q24 Comparable O+L+M Sales vs. 2Q24 • Best second quarter Net Promoter Score on record • Reimagine 125 locations comparable O+L+M sales +1.4% • Comparable sales growth in the First 50 and
Slide 5: Bloomingdale's
Accelerate & Differentiate Bloomingdale’s 2Q25 +5.7% Comparable O+L+M Sales 4th Consecutive quarter of vs. 2Q24 comparable O+L+M sales growth • Strength in ready-to-wear, fine jewelry, fragrance and tabletop • Special capsules / exclusive partnerships build brand heat • Takeovers by contemporary bra
Slide 6: Bluemercury
Accelerate & Differentiate Bluemercury 2Q25 +1.2% Comparable Owned Sales 18th Consecutive quarter of vs. 2Q24 comparable owned sales growth • Results driven by dermatological skincare and recent brand launches including Byredo, Victoria Beckham Beauty and Charlotte Tilbury • Curated assortments and
Slide 7: End-to-End Operations
Simplify & Modernize End-to-End Operations 2Q25 -0.8% Inventory vs. 2Q24 +270 bps Speed of delivery1 vs. 2Q24 • Always-on approach to profit improvement • Finding efficiencies through automation, resource optimization and streamlining of processes • Supports ability to invest in growth ambitions, wh
Slide 8: 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. Ralph Lauren @ Macy’s Johanna Ortiz @ Bloomingdale’s Macy’s, Inc. China Grove Facility Strengthen & Reimagine Accelerate & Differentiat
Slide 9: 2Q25 Financial Results & Capital Allocation
2Q25 Financial Results & Capital Allocation 9 Theory @ Bloomingdale’s
Slide 10: Sales Highlights
2Q25 Financial Results & Capital Allocation Sales Highlights $4.8B Net sales1 -2.5% vs 2Q24; +0.8% Comparable Owned Sales vs. +0.9% vs. 2Q24 excluding 2Q24 the impact of store closures +1.9% +2.2% Go-forward Business2 Comparable Comparable O+L+M Sales vs. 2Q24 O+L+M Sales vs. 2Q24 Note: 2Q25 digital
Slide 11: Nameplate Highlights
2Q25 Financial Results & Capital Allocation Nameplate Highlights Results versus 2Q24 Net Sales1 -3.8% Comparable O+L+M Sales +1.2% Go-Forward Macy’s Business Comparable O+L+M Sales2 +1.5% Net Sales +4.6% Comparable O+L+M Sales +5.7% Net Sales +3.3% Comparable Owned Sales +1.2% 1 Reflects the impact
Slide 12: Profitability & Productivity Highlights
2Q25 Financial Results & Capital Allocation Profitability & Productivity Highlights Actuals Change vs. 2Q24 Other Revenue $187 +17.6% Credit Card Revenue $153 +22.4% Macy’s Media Network $34 Flat Total Revenue $4,999 -1.9% Gross Margin $1,912 -4.4% Gross Margin Rate1 39.7% -80 bps SG&A Expense $1,94
Slide 13: YTD Capital Allocation Highlights
2Q25 Financial Results and Capital Allocation YTD Capital Allocation Highlights $100M Dividend Payments $151M Share Repurchases Consistent Capital Allocation Priorities • Maintain a healthy balance sheet and drive working capital efficiencies • Strategically invest in growth while lowering capex • S
Slide 14: Looking Ahead
Looking Ahead Balmain @ Bloomingdale’s
Slide 15: 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 September 3, 2025 For more information, refer to the appendix secti
Slide 16: 3Q25 Guidance
3Q25 Guidance The company is providing the following estimates for certain 3Q25 financial statement items, as of September 3, 2025 For more information, refer to the appendix section of this presentation $4.5B to $4.6B -1.5% to +0.5% Net Sales Comparable O+L+M Sales 3.3% to 3.7% -$0.20 to -$0.15 Cor
Slide 17: Q&A
Q&A Coach @ Macy’s
Slide 18: Appendix
Appendix Polo Ralph Lauren @ Macy’s
Slide 19: Store Count as of 8/2/2025
Appendix Store Count as of 8/2/2025 End of 2Q25 Change In Locations from FY24 Locations Macy's Department Stores 390 — Macy's Small Format 20 — Macy's Furniture 33 -1 Macy's Furniture Clearance 1 — Freestanding Backstage1 5 — Total Macy's 449 -1 Bloomingdale's Department Stores 31 — Bloomies 4 — Blo
Slide 20: Long-term Debt Maturities as of 8/2/2025
Appendix Long-term Debt Maturities as of 8/2/2025 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. $194 million due in 2025 was settled on August 28, 2025. Appendix 20
Slide 21: 2Q25 Macy's Locations Sales Highlights
Appendix 2Q25 Macy’s Locations Sales Highlights Change vs. 2Q24 Go-Forward Macy’s Locations Comparable O+L Sales1 +0.1% Reimagine 125 Locations Comparable O+L Sales +1.4% Non-Go-Forward Macy’s Locations Comparable O+L Sales -6.4% Appendix 21 1 Go-Forward Macy’s locations inclusive of Reimagine 125 a
Slide 22: 1H25 Financial Highlights
Additional Information 1H25 Financial Highlights Actuals Change Actuals Change vs 1H24 vs 1H24 Net Sales $9,411 -3.8% SG&A Expense $3,856 -0.7% Comparable owned sales -0.6% SG&A Expense Rate3 39.4% +90 bps Comparable O+L+M sales +0.3% Adjusted EBITDA $717 -10.6% Go-forward Business1 +0.6% Adjusted E
Slide 23: FY25 Guidance as of 9/3/2025
Appendix FY25 Guidance as of 9/3/2025 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 9/3/2025 As of 5/28/2025 (bold captions indicate a change) Net sales $21.15 billion to $21.45 b
Slide 24: FY25 Guidance Assumptions as of 9/3/2025
Appendix FY25 Guidance Assumptions as of 9/3/2025 General Considerations • Given uncertainty regarding the tariff impact on consumer health and demand, the company continues to believe the consumer will be more choiceful in the back half of the year relative to the first half. • Macy's, Inc. 3Q25 an
Slide 25: FY25 Guidance Assumptions as of 9/3/2025
Appendix FY25 Guidance Assumptions as of 9/3/2025 FY24 Store Closure Impacts • Store closures contributed ~$700 million of net sales in FY24, equating to ~$170 million in 1Q24, ~$170 million in 2Q24, ~$160 million in 3Q24 and $200 million in 4Q24. Credit Card Revenue • FY25 credit card revenue refle
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Levi’s @ Macy’s
Slide 27: 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 28: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended August 2, 2025 Macy's, Inc. Macy's Increase in comparable sales on an owned basis (Note 1) 0.8% 0.4% Impact of departments licensed to third parties and marketplace sales (Note 2) 1.1% 0.8% Increase in comparable sales on an owned-plus-licensed-plus-marketp
Slide 29: Changes in Comparable Sales
Changes in Comparable Sales 13 weeks ended August 2, 2025 Macy's, Inc. Go- Macy's Go-Forward Bloomingdale's1 Bluemercury Forward business business Increase in comparable sales on an owned basis (Note 1) 1.1% 0.7% 3.6% 1.2% Impact of departments licensed to third parties and marketplace sales (Note 2
Slide 30: Changes in Comparable Sales
Changes in Comparable Sales 26 weeks ended August 2, 2025 Macy's, Inc. Go-Forward Macy's, Inc. business Decrease in comparable sales on an owned basis (Note 1) (0.6)% (0.4%) Impact of departments licensed to third parties and marketplace sales (Note 2) 0.9% 1.0% Increase in comparable sales on an ow
Slide 31: EBITDA Excluding Certain Items
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items Millions, except percentages 13 weeks ended 13 weeks ended August 2, 2025 August 3, 2024 Most comparable GAAP measure: Total revenue $4,999 $5,096 Net income $87 $150 Net income as a percent to total revenue 1.7%
Slide 32: EBITDA Excluding Certain Items
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items Millions, except percentages 26 weeks ended 26 weeks ended August 2, 2025 August 3, 2024 Most comparable GAAP measure: Total revenue $9,791 $10,096 Net income $124 $212 Net income as a percent to total revenue 1.
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 August 2, 2025 August 3, 2024 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $87 $0.31 $150 $0.53 Impairment, restructuring and
Slide 34: Free Cash Flow
Free Cash Flow Millions 26 weeks ended August 2, 2025 Net cash provided by operating activities1 $255 Purchase of property and equipment (179) Capitalized software (164) Proceeds from disposition of assets, net 75 Free Cash Flow $(13) Appendix 34 1 Net cash provided by operating activities reflects