梅西百货 2024年度报告

To OurShareholders TONY SPRINGChairman and Chief Executive Officer 2024 marked an important inflection point for Macy’s, Inc. aswe completed the first year of our three-year Bold New Chapterstrategy designed to return the company to sustainable, profitablegrowth. It was also my first year as Chairman and Chief ExecutiveOfficer, and it has been an honor to work alongside the incredibleteams across our organization during this transformative time. Fiscal 2024Financial Highlights Beginning A Bold New Chapter. Since the launch of our Bold New Chapter strategy in early 2024,we have directed our efforts to fundamentally reposition thecompany and challenge the status quo to create a more modernMacy’s, Inc. Over the course of the year, we made progress onall three pillars of our Bold New Chapter strategy. We improvedMacy’s, Inc. annual comparable sales by 490 basis points on anowned basis and 510 basis points on an owned-plus-licensed-plus-marketplace basis versus 2023 performance, down 2.0%and down 0.9% respectively. We achieved full-year net salesof $22.3 billion, and exercised a disciplined approach to costcontrols, delivering GAAP diluted earnings per share of $2.07 andadjusted diluted earnings per share of $2.64. We also generatednearly $1.3 billion of operating cash flow and maintained ourhealthy balance sheet, ending the year with $1.3 billion of cash,up $272 million from last year. Our performance enabled usto return $192 million to shareholders through quarterly cashdividends, reflecting a 5% per share increase from 2023. 38.4%Gross Margin as aPercent of Net Sales $1.3BOperating Cash Flow $1.3BEnding Cash $582MNet Income MACY’S, INC.2024 ANNUAL REPORT Importantly, through our Bold New Chapter strategy, we have enhanced the customer experience across ourthree nameplates – Macy’s, Bloomingdale’s and Bluemercury. Each nameplate continues to capture mind sharethrough enhanced customer service, curated assortments, relevant messaging and compelling value, supported byimproved end-to-end operations. All three pillars of our strategy have gained traction, as we continue to create amore agile and healthier business for the future: STRENGTHEN AND REIMAGINETHE MACY’S NAMEPLATE ACCELERATE ANDDIFFERENTIATE LUXURY SIMPLIFY AND MODERNIZEEND-TO-END OPERATIONS –Delivered four consecutivequarters of positive comparablesales1at Macy’s First 50locations, reflecting the impactof initiatives such as enhancedstaffing, improved assortmentand visual presentation. –Returned to positive,annual comparable sales3at Bloomingdale’s, includingthe highest fourth-quartercomparable sales in our history,and had ourfourth consecutiveyearof positive comparablesales4at Bluemercury. –Decreased SG&A expenseby $45 million,highlightingthe company’s cost control. –Improved ability to meetcustomer demand,increasingboth the percentage of ordersdelivered in five days or lessand replenishment in stocks byabout 400 basis points, andshortening the number of daysfrom when an order is placedto shipped by roughly 1,100basis points versus 2023. –Delivered record annualNet Promoter Scores atMacy’s,up 160 basis pointscompared to 2023. –Delivered record annualNet Promoter Scores atBloomingdale’s,up 90basis points from 2023. –Evolved our assortmentmatrixwith an emphasis onincreasing variety, reducingredundancy, enhancing ourprivate brands and adding morerelevant national brands. –Expanded presence in keymarketswith three newBloomingdale’s stores, as wellas seven remodeled and 17new Bluemercury locations. –Our work on end-to-endoperations helps supportourability to self-fund ourcustomer-centric investments. –Progressed the right sizing ofour store base byclosing 64of approximately 150 non-go-forward Macy’s stores,above ourinitial target of about 50 closuresfor the year,contributing to assetsale proceeds of $283 million. –Built momentum throughstrategic partnerships,suchas Bloomingdale’s exclusiveWicked collaboration garnering~15 billion media impressions,three times higher than lastyear’s Holiday campaign. –Maintained stronginventory disciplinewithimproved composition andlower aged inventories. –Operations at the state-of-the-art China Grove distributionfacility are on track to beginin mid-2025.The 1.4 millionsquare foot facility will leverageautomation and further streamlineinventory management acrossall three nameplates. –Optimized our digital sitenavigation and search enginecapabilities and introduceda more competitive pricingalgorithm,leading to a returnto positive comparablesales2in the 4thquarter. –Bluemercury celebrated its 25thanniversarywith a revampedwebsite and the introduction ofan updated store prototype thatbuilds on what our customer hasresponded most favorably to. MACY’S, INC.2024 ANNUAL REPORT STRENGTHEN AND REIMAGINE THE MACY’S NAMEPLATE Continuing our Journey As we begin 2025, our teams are again prioritizingthe customer and operational excellence aswe continue advancing our Bold New Chapterstrategy. Our focus r