Macy’s, Inc. declares regular quarterly dividend of 37.75 cents per share on its common stock

CINCINNATI, 2017-Nov-01 — /EPR Retail News/ — The board of directors of Macy’s, Inc. (NYSE:M) today declared a regular quarterly dividend of 37.75 cents per share on Macy’s common stock, payable Jan. 2, 2018, to shareholders of record at the close of business on Dec. 15, 2017.

Macy’s, Inc. is one of the nation’s premier retailers. With fiscal 2016 sales of $25.778 billion and approximately 140,000 employees, the company operates more than 700 department stores under the nameplates Macy’s and Bloomingdale’s, and approximately 150 specialty stores that include Bloomingdale’s The Outlet, Bluemercury and Macy’s Backstage. Macy’s, Inc. operates stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s stores in Dubai and Kuwait are operated by Al Tayer Group LLC under license agreements. Macy’s, Inc. has corporate offices in Cincinnati, Ohio, and New York, New York.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Media Contact:

Blair Fasbender Rosenberg
646-429-6032
media@macys.com

Investors Contact:

Monica Koehler
513-579-7780
investors@macys.com

Source: Macy’s, Inc.

Macy’s, Inc. to report its Q3 2017 financial results on Thursday, Nov. 9, 2017

CINCINNATI, 2017-Oct-26 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M) is scheduled to report its third quarter 2017 sales and earnings before the opening of financial markets on Thursday, Nov. 9, 2017.

The company will webcast a call with financial analysts and investors that day at 10 a.m. ET. Macy’s, Inc.’s webcast is accessible to the media and general public via the company’s website at www.macysinc.com. Analysts and investors may call in on 1-888-394-8218, passcode 3593887. A replay of the conference call can be accessed on the website or by calling 1-888-203-1112 (same passcode) about two hours after the conclusion of the call.

Macy’s, Inc. is one of the nation’s premier retailers. With fiscal 2016 sales of $25.778 billion and approximately 140,000 employees, the company operates more than 700 department stores under the nameplates Macy’s and Bloomingdale’s, and approximately 150 specialty stores that include Bloomingdale’s The Outlet, Bluemercury and Macy’s Backstage. Macy’s, Inc. operates stores in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s stores in Dubai and Kuwait are operated by Al Tayer Group LLC under license agreements. Macy’s, Inc. has corporate offices in Cincinnati, Ohio, and New York, New York.

NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom.

Media Contact:
Blair Fasbender Rosenberg
646-429-6032
media@macys.com

Investors Contact:
Monica Koehler
513-579-7780
investors@macys.com

Source: Macy’s, Inc.

Garrett Brands to acquire Frango® from Macy’s, Inc.

Brands Legacy Aligns with Purchaser’s Growth Strategy

CINCINNATI & CHICAGO, 2017-Jan-31 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M), one of the nation’s premier retailers, and Garrett Brands, owner of Garrett Popcorn Shops, today (Jan. 30, 2017) announced that they have entered an agreement by which Garrett Brands will acquire Frango®, a distinguished, premium chocolate brand, from Macy’s, Inc.

As the owner of Frango, Garrett Brands will develop, create, sell and distribute Frango products consistent with the brand’s legacy as a superior chocolate and confectionary brand. Macy’s, Inc. will continue to sell Frango products in the Frango Café at Macy’s State Street store in Chicago, at more than 350 additional Macy’s store locations in the United States, and online at macys.com. The Chicago and Seattle markets hold the greatest brand history, dating back to 1918, but over the years, the Frango business and awareness has grown to many other states through Macy’s, Inc. distribution and stewardship.

“Frango is a perfect fit for our company’s portfolio, aligning well with our strategy to preserve and grow iconic brands that have historic franchise value with a unique and storied past,” said Lance Chody, owner and CEO of Garrett Brands. “This is an exciting opportunity to expand the reach and offerings of the delicious Frango confections consumers know and love to more people in more places, just as we have done with our other brands.”

Maneesha Khandelwal, senior vice president of Garrett Brands, added, “We are committed to preserving Frango’s highest standards of taste and quality, and its heritage in Chicago and Seattle as key pillars of building on the brand’s identity.”

“We are happy to have found such a natural partner in Garrett Brands and are confident they will be great stewards of the Frango brand,” said Tim Baxter, chief merchandising officer at Macy’s, Inc. “We will continue to offer Macy’s customers the Frango products they love online and at Macy’s stores in Chicago, Seattle and across the country. And, given Garrett Brands’ history of thoughtfully growing brands, we are confident that this partnership will introduce new customers to premium Frango chocolates.”

About Macy’s, Inc.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates more than 700 department stores under the nameplates Macy’s and Bloomingdale’s, and approximately 125 specialty stores that include Bloomingdale’s Outlet, Bluemercury and Macy’s Backstage, in 45 states, the District of Columbia, Guam and Puerto Rico, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

About Garrett Brands LLC

Garrett Brands LLC is privately held and operated by Lance Chody and his family. The company owns Garrett Popcorn Shops® and has corporate offices in Chicago and Hong Kong. Garrett Popcorn Shops® offer handcrafted, artisanal popcorn in nine countries and on the garrettpopcorn.com website. Since 1949, the company has established itself with Sweet and Savory confectionary flavors, including the combination of its CaramelCrisp® and CheeseCorn recipes famously born in Chicago and known as Garrett Mix®. The company’s other flavors include chocolate offerings and country-specific recipes.

About Frango

Frango® is a premium chocolate brand with an iconic history rooted in Chicago and Seattle, dating back to 1918. Frango’s delicious chocolate collections – including its core flavor products, original Chicago recipes and Frederick & Nelson recipes – have served as thoughtful gifts for decades, bringing joy to consumers around their most special occasions. Originally developed by Seattle’s Frederick & Nelson department store, Frango was introduced to the Chicago market when Marshall Field’s acquired Frederick & Nelson. Since taking ownership of Frango through its merger with Marshall Field’s, Macy’s has preserved Frango’s beloved tradition in Chicago and Seattle, and has expanded the Frango legacy through broad online distribution on macys.com.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Media Contact:
Blair Fasbender / Melissa Epstein
212-333-3810

Investors Contact:
Matt Stautberg
513-579-7780

Garrett Brands Media:
Michelle Molise
313-549-3137
MMolise@MolisePR.com

Source: Macy’s, Inc.

Macy’s, Inc. announces the appointment of Cheryl Heinonen as EVP of corporate communications

CINCINNATI, 2016-Dec-22 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M) announced today (Dec. 19, 2016) that Cheryl Heinonenhas been named executive vice president of corporate communications for Macy’s, Inc., effective Jan. 9, 2017.

Heinonen, a leading communications and public affairs professional, will be responsible for corporate communications (both internal and external), corporate giving, corporate social responsibility, diversity, and associate giving and volunteerism. She will report to Macy’s, Inc. President Jeff Gennette who becomes chief executive officer early next year. Heinonen will be based in New York City. In this new role, she will drive the strategic narrative of the company and integrate all internal communication into one cohesive strategy.

Heinonen is currently senior vice president, corporate relations and chief communications officer at Avon Products, Inc. where she is responsible for corporate communications, corporate social responsibility, and sustainability, responsibilities she has held since joining the company in 2012.

In November 2014, Heinonen also assumed the presidency of the Avon Foundation for Women, a public 501c3 charity dedicated to improving the lives of women and their families globally with a focus on breast cancer and domestic violence.

Heinonen will step down from her Avon Products, Inc. and Avon Foundation for Women roles effective Jan. 1, 2017. She will remain on the Avon Foundation board when she begins her career at Macy’s.

“Cheryl brings valuable expertise to the Macy’s executive team. She is a strategic communicator with an outstanding track record of connecting companies in a powerful way to employees, customers and a broad range of stakeholders,” Gennette said.

Prior to joining Avon, Heinonen was managing director at Burson-Marsteller, a leading global communications agency, where she advised some of the world’s top consumer brands on communications and reputation management. Her areas of focus included corporate social responsibility, organizational communications, and consumer branding and international public affairs. Before assuming her role at Burson-Marsteller, Heinonen worked at Visa, most recently as senior vice president of global corporate relations.

Heinonen earned a bachelor’s degree in political science from Bryn Mawr College in Pennsylvania.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 880 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed real estate and other transactions, prevailing interest rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom.)

Contact:
Media:
Holly Thomas
646-429-5250

Investors:
Matt Stautberg
513-579-7780

Source: Macy’s, Inc.

Macy’s, Inc. to enhance its real estate portfolio value with Brookfield Asset Management partnership

CINCINNATI, 2016-Nov-12 — /EPR Retail News/ — Consistent with its previously announced strategy, Macy’s, Inc. (NYSE:M) today (Nov. 10, 2016) announced it is forming a strategic alliance with Brookfield Asset Management, a leading global alternative asset manager, to create increased value in its real estate portfolio.

Brookfield’s investments in real estate span all major sectors – retail, office, multi-family, industrial and hospitality. Brookfield is one of the few firms with both the capital and the operating capability required for this type of partnership. Together, the companies believe they will be able to realize the development potential of Macy’s portfolio.

(Editor’s Note: Macy’s, Inc. today also issued a separate news release announcing third quarter 2016 earnings, reaffirming full-year 2016 EPS guidance and raising full-year sales guidance.)

Under the alliance, Brookfield will have an exclusive right for up to 24 months to create a “pre-development plan” for each of approximately 50 Macy’s real estate assets, with an option for Macy’s to continue to identify and add assets into the alliance. These assets primarily include owned and ground- leased stores and associated land, most of which are located in malls not owned by major mall owners. The breadth of opportunity within the portfolio ranges from the additional development on a portion of an asset (such as a Macy’s-controlled land parcel adjacent to a store) to the complete redevelopment of an existing store.

“We have real estate assets with significant value creation opportunities, and we believe that partnering with a leading global real estate investor like Brookfield is the best way to unlock the potential of those assets,” said Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer. “The Brookfield alliance strengthens our ability to improve the customer shopping experience by giving us greater flexibility to invest in our most productive and highest-potential locations, and to make the most of our real estate assets, or portions of them.”

“We are pleased to partner with Macy’s on this important initiative,” said Brian Kingston, CEO, Brookfield Property Group. “The Macy’s portfolio includes some of the highest quality real estate in the United States and we look forward to working closely with them to unlock value for their shareholders and enhance the shopping experience for their customers.”

The Brookfield alliance is part of Macy’s previously-announced strategy to generate value from its real estate portfolio consistent with the company’s commitment to stores as a critical element of its long-term omnichannel strategy and its balance sheet objectives. The company is also exploring options for its flagship stores and closing approximately 100 full-line Macy’s stores due to underperformance or because the value of the real estate exceeds the value to Macy’s as a retail store location.

Eastdil Secured and Goldman, Sachs & Co. acted as financial advisors to Macy’s.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 880 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed real estate and other transactions, prevailing interest rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Contact:

Media:
Holly Thomas
646-429-5250
holly.thomas@macys.com

Investor:
Matt Stautber
513-579-7780

Source: Macy’s, Inc.

Macy’s, Inc. to hire 83,000 seasonal associates for the 2016 Christmas and holiday season

CINCINNATI, 2016-Sep-22 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M) today (Sep. 20, 2016) said it plans to hire seasonal associates for approximately 83,000 positions at its Macy’s and Bloomingdale’s stores, call centers, distribution centers and online fulfillment centers nationwide for the 2016 Christmas and holiday season. The company’s 2016 seasonal hiring plan is essentially flat to last year.

The company also announced its first national holiday hiring day, to take place on Friday, Sept. 30, an expansion of successful events which took place in certain locations last year. Job candidates can visit all Macy’s, Bloomingdale’s and Macy’s Backstage store locations between 2 – 8 p.m. (in local time zones) during the event. Candidates should apply in advance at macysJOBS.com or bloomingdalesJOBS.com to discover open positions and opportunities for on-site interviews.

“However our customers connect with us – in stores, online and mobile, or over the phone – Macy’s and Bloomingdale’s shoppers have come to appreciate the higher level of our staffing and service throughout the Christmas and holiday season, and our associates love the merchandise discount and income-earning opportunities at this special time of the year,” said Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer. “We first offer our current associates the opportunity to work extra hours over the holidays, and then supplement our ongoing workforce with seasonal hires. This significant increase in staffing allows us to provide additional service to customers, however they engage with us.”

Seasonal associates at Macy’s and Bloomingdale’s serve customers on the selling floor, work in store operations positions, interact with customers via call centers, and staff the distribution and fulfillment centers that coordinate shipments to stores and directly to customers who buy online or via mobile. Macy’s, Inc. is one of the largest online retailers in America.

Wherever seasonal associates join the company, all will qualify for a 20 percent merchandise discount on most of their purchases – especially appreciated during the holiday gift-giving time.

Macy’s, Inc.’s 2016 seasonal hiring plan includes the following:

  • Approximately 15,000 of the 83,000 total seasonal positions will be based in direct-to-consumer fulfillment facilities that support sales generated by the company’s omnichannel business strategy. This is an increase of 3,000 positions compared to 2015. These positions are located in megacenters in Goodyear, AZ; Cheshire, CT;Tulsa, OK; Portland, TN; and Martinsburg, WV, as well as in product-specific fulfillment centers in Sacramento, CA; Stone Mountain, GA; Secaucus, NJ; and Joppa, MD.
  • About 1,000 associates will be hired to interact with customers via telephone, e-mail and online chat at customer service centers in Mason, Ohio, Clearwater, FL, and Tempe, AZ.
  • More than 1,000 people will be hired across the country to support the 90th Macy’s Thanksgiving Day Parade, Santalands and other iconic holiday events.

“These seasonal positions fill an important niche in the American employment spectrum. Especially at the holidays, we employ students working during break to help pay tuition, retirees seeking to remain active, and individuals from many walks of life wanting to supplement their income and benefit from receiving a merchandise discount on their purchases. We are proud to offer them this opportunity to work in a fun, fast-paced and collegial environment,” Lundgren said.

Applications for seasonal positions at Macy’s and Bloomingdale’s are being accepted at macysJOBS.com and bloomingdalesJOBS.com, the company’s easy-to-navigate hiring sites. Candidates who submit applications online will receive a response via e-mail.

Most seasonal positions are part-time, often with flexibility to fit the availability of the individuals hired. Many positions require the applicant to work evenings and weekends and some require overnight. In some cases, temporary seasonal associates are offered open year-round positions based on their skills and performance over the holiday season.

“We have many examples of associates who started with us in temporary seasonal positions and stayed to enjoy a long and fulfilling career with our company. Seasonal employment is often an opportunity to get to know potential future employees and to identify talent that we can recruit as needs arise,” added Lundgren. “The holidays are a magical time of year, and helping customers select gifts from Macy’s and Bloomingdale’s is a special experience that generations of associates have enjoyed and found rewarding.”

Macy’s, Inc. employs about 157,900 associates on a year-round basis.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 880 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Contact:
Media:
Holly Thomas
646-429-5250
Holly.Thomas@macys.com

Investor:
Matt Stautberg
513-579-7780

Source: Macy’s, Inc.

Macy’s, Inc. announces the appointment of Elisa D. Garcia as Chief Legal Officer

CINCINNATI, 2016-Aug-06 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M) today announced that Elisa D. Garcia will be joining Macy’s, Inc. as Chief Legal Officer, effective Sept. 7, 2016. She succeeds Dennis J. Broderick, who will retire as the company’s General Counsel and Secretary, effective Oct. 1, 2016, after 29 years of service.

Garcia, 58, brings 16 years of broad-ranging experience as a corporate general counsel for major consumer-facing companies. Garcia joined Office Depot, Inc. in 2007 as EVP/General Counsel and Secretary, and became Chief Legal Officer in 2013. For the seven years prior to Office Depot, Garcia was EVP/General Counsel and Secretary of Domino’s Pizza, Inc.

Earlier in her career, Garcia served as Regional Counsel, Latin America for Philip Morris International, International and Corporate Counsel for GAF Corporation, and a Corporate Finance Associate with the law firm of Willkie Farr & Gallagher.

A native of New York City, Garcia’s law degree is from the St. John’s University School of Law in New York. She holds bachelor’s and master’s degrees from the State University of New York at Stony Brook. She will be relocating to New York City upon joining Macy’s, Inc.

“Elisa Garcia is an experienced leader in corporate law with an outstanding track record and credentials. She is another example of the industry-leading talent attracted to our company, and we look forward to the positive impact she will make as part of Macy’s leadership team,” said Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer.

Garcia will report to Lundgren and serve on Macy’s Executive Committee.

“We also salute the career of Dennis Broderick, who has been instrumental in guiding our company though a wide range of complex matters over the past three decades, a period of significant evolution and growth for our company,” Lundgren said.

Broderick, 67, has served as general counsel since 1990 and Secretary since 1993. He joined the company in 1987 as vice president and deputy general counsel. Previously, Broderick was assistant general counsel at The Firestone Tire & Rubber Company and, prior to that, practiced law with the firm of Hohn, Loeser, Freedhaim, Dean & Wellman in Cleveland. Broderick is a graduate of the University of Notre Dame and earned his law degree from Georgetown University.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 870 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

(Note: additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Contact:

Media:

Jim Sluzewski
513-579-7764

Investor:

Matt Stautberg
513-579-7780

Source: Macy’s, Inc.

Four Corners Property Trust, Inc. president and CEO William H. Lenehan elected to Macy’s, Inc. Board of Directors

CINCINNATI, 2016-Mar-23 — /EPR Retail News/ — Mar. 22, 2016– William H. Lenehan, president and chief executive officer of Four Corners Property Trust, Inc., has been elected to the Macy’s, Inc. (NYSE:M) Board of Directors, effective April 1, 2016.

Lenehan, 39, has extensive knowledge and experience in real estate development and management. He was named president and chief executive officer of Four Corners, a publicly traded investment trust focused on foodservice real estate, in August 2015. Previously, he served as special advisor to the board of EVOQ Properties, Inc., owner of a substantial portfolio of development assets in downtown Los Angeles; interim CEO of MI Development (now known asGranite Real Estate Investment Trust), a real estate operating company; and investment professional in the real estate group of Farallon Capital Management LLC, a global asset management firm.

“Bill will contribute to our board’s expertise and working knowledge on matters related to real estate, an important area of activity as we work to create shareholder value through joint ventures or other partnerships related to Macy’s flagship stores and mall properties,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. “Bill’s perspective is rooted in his real estate experience in a variety of industry sectors, including net lease, restaurants, mall, office, residential, and mixed-use.”

Lenehan is a graduate of Claremont McKenna College.

The election of Lenehan and that of Frank Blake in November 2015 increases the size of the Macy’s, Inc. board to 15 members. Two board members, Meyer Feldberg and Joseph Neubauer, are scheduled to retire at the Macy’s, Inc. Annual Meeting of Shareholders on May 20, 2016.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 870 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s inDubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Source: Macy’s, Inc.

Macy’s, Inc.
Media – Jim Sluzewski, 513-579-7764
Investor – Matt Stautberg, 513-579-7780

Macy’s, Inc. Q3: Spending by domestic customers remained tepid, especially in key apparel and accessory categories

Company updates guidance, outlines strategy on real estate

CINCINNATI, 2015-11-12 — /EPR Retail News/ — Macy’s, Inc. (NYSE:M) today reported earnings per share of 36 cents in the third quarter of 2015, ended Oct. 31, 2015. Excluding asset impairment charges of $111 million, or 20 cents per share, primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, third quarter earnings per share were 56 cents per share. This compares with 61 cents per diluted share in the third quarter of 2014.

(Editor’s Note: This morning, Macy’s, Inc and Luxottica Group also issued a separate news release announcing an agreement to open licensed LensCrafters departments in as many as 500 Macy’s stores.)

For the first three quarters of 2015, Macy’s, Inc.’s diluted earnings per share were $1.56. Excluding asset impairment charges of $111 million, or 20 cents per share, primarily related to planned 2016 store closings, year-to-date earnings per diluted share were $1.76. This compares with earnings of $2.01 per diluted share in the first three quarters of 2014.

“We are disappointed that the pace of sales did not improve in the third quarter, as we had expected. Spending by domestic customers remained tepid, especially in key apparel and accessory categories. Simultaneously, the slowdown in buying by international visitors continued to significantly impact Macy’s and Bloomingdale’s stores in tourist centers, which are some of our company’s largest-volume and most profitable locations,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc.

“We have begun testing and learning from new sales growth initiatives that we believe will begin yielding incremental results in the quarters and years ahead. This included the opening of the first five Macy’s Backstage off-price stores in the New York City metro area (with a sixth opening planned in the fourth quarter),” Lundgren said.

“Heading into the fourth quarter, we are shifting our organization into overdrive to focus on sales-driving activities in the holiday shopping season, when Macy’s and Bloomingdale’s shine as destinations for gift-giving and self-purchase,” he added. “We also will be opening stores in several of our nameplates in the fourth quarter, including a new Bloomingdale’s at Ala Moana in Honolulu.”

“Moving forward, we are accelerating steps needed to adapt in response to changing customer shopping preferences so we can restore our annual comparable sales growth on an owned plus licensed basis in the years ahead to the level of 2 percent to 3 percent while re-attaining an EBITDA rate as percent of sales of 14 percent. This includes building on our strength as a leading omnichannel innovator with consistent growth in online sales,” Lundgren said. “No other retailer has our track record of mastering change and creating shareholder value with a model of customer centricity. We have a deep and resourceful management team that is skilled in creating and executing successful strategies. Since the beginning of fiscal 2009, we have returned nearly $9 billion to shareholders. Our Total Shareholder Return has been 540 percent during that period, compared with a 121 percent increase in the Dow Jones Industrial Average.”

Real Estate Considerations

Macy’s, Inc. is pursuing the following strategic real estate initiatives:

  • Based on a successful collaboration on Macy’s previously announced Brooklyn store redevelopment project, the company has engaged Tishman Speyer in an expanded relationship to advise and support the company’s senior management team in identifying and advancing potential store redevelopment projects nationwide. The company may request Tishman Speyer to participate in bidding for certain of these projects. In all cases, a third party will be used to manage the bidding and negotiations process.
  • The company has begun a process to explore joint ventures or other deal structures with third parties to redevelop Macy’s flagship real estate assets in Manhattan (Herald Square), San Francisco (Union Square), Chicago (State Street) and Minneapolis (downtown Nicollet Mall) in a manner that maintains a robust Macy’s retail store presence while also bringing alternative use into those buildings; this exploration could expand to include other assets, including mall-based properties, to the extent opportunities are available.
  • The company will continue to pursue selected real estate dispositions and monetize assets in instances where the business is simultaneously enhanced (such as the recently announced real estate sales of underutilized portions of properties in Brooklyn and downtown Seattle) or where the value of real estate significantly outweighs the value of the retail business (such as the recent sale of Macy’s stores in Cupertino and downtown Pittsburgh).

After extensive review with the assistance of our experienced financial, tax, legal and real estate advisors, the company has decided not to pursue the formation of a REIT at this time. The board of directors has concluded that a REIT does not offer sufficient upside potential for value creation. To the extent that circumstances change, we may revisit this alternative in the future.

While much work has been done to date, Macy’s, Inc. is continuing to analyze its real estate portfolio to identify opportunities to drive additional shareholder value. The company is open to considering additional ideas for further enhancing shareholder value while maintaining an investment-grade credit rating and an operating structure that fosters sales and earnings growth.

Ongoing Business Strategies/Actions

Macy’s, Inc. is continuing to execute a number of key strategies and actions going forward to adapt its business model as an omnichannel retailer committed to outstanding stores as a competitive differentiator. These adjustments are rooted in Macy’s MOM strategies (My Macy’s localization, Omnichannel and Magic Selling customer engagement) and Bloomingdale’s focus on omnichannel opportunities, contemporary style and personalized service — which have proven to be a powerful driver of success. In part, the company is:

  • Accelerating investments in Macy’s, Bloomingdale’s and Bluemercury’s digital and mobile capabilities to mirror the shift to increased online shopping, where the company continues to see double-digit, year-over-year sales increases. Macy’s, Inc. is already a leader in this area, and ranked as the seventh largest Internet retailer in the United States.
  • Concentrating its resources in top stores in the best locations so each store is a more compelling magnet for customer activity and uses its selling space more productively. Best stores will see intensified merchandise assortments in key destination departments such as jewelry and watches, strategically selected licensed departments, strengthened visual presentation, enhanced staffing and more local marketing. Meanwhile, in early 2016, the company will be closing 35 to 40 of its current portfolio of about 800 Macy’s and Bloomingdale’s stores, as previously announced, and expects it will continue to reduce the number of stores over time.
  • Reducing expense and tightening capital spending to operate more efficiently and fund the highest-potential growth initiatives. Macy’s, Inc.’s target is to reduce annual SG&A by $500 million (net of growth initiatives) from previously planned levels by 2018, with incremental progress in 2016 and 2017 toward that goal. These structural expense reductions will result in charges to be taken in each of the three years. Specific plans to achieve these savings are being formulated. Macy’s, Inc. will reduce capital spending to less than $1 billion in 2016 from the $1.2 billionexpected in 2015.

The company also is quickly building-out new directions for the longer-term future:

  • Expand Macy’s Backstage as an exciting new dimension in retailing across America. Over the next two years, the company will roll out about 50 free-standing Macy’s Backstage stores in off-mall locations, building on the pilot launch this fall. In addition, in spring 2016 the company will pilot Backstage stores within up to 10 existing Macy’s store locations, creating a new hybrid store (the first in retailing) that offers the latest fashions, outstanding service and major brands for which Macy’s is known, along with the thrill of the hunt associated with the finds and bargains at Backstage.
  • Open approximately 40 additional Bluemercury self-standing beauty specialty stores (bringing the total store base to approximately 115 by the end of 2017), while also integrating Bluemercury shops into the beauty departments of Macy’s stores.
  • Appropriately expand Macy’s internationally based on the learnings we expect from the Macy’s China Limited pilot with Alibaba’s Tmall Global beginning in the fourth quarter.

Third Quarter Sales

Sales in the third quarter of 2015 totaled $5.874 billion, a decrease of 5.2 percent, compared with sales of $6.195 billion in the same period last year. Comparable sales on an owned plus licensed basis were down by 3.6 percent in the third quarter. On an owned basis, third quarter comparable sales declined by 3.9 percent.

For the year to date, Macy’s, Inc. sales totaled $18.210 billion, down 2.8 percent from total sales of $18.741 billion in the first three quarters of 2014. Comparable sales on an owned plus licensed basis were down by 1.7 percent year-to-date in 2015. On an owned basis, year-to-date comparable sales declined by 2.2 percent.

In the third quarter, the company opened a new Macy’s store in Ponce, PR, five Macy’s Backstage stores in metroNew York City, and 10 new Bluemercury freestanding specialty stores. The company closed Macy’s stores inBedford, NH, and Owings Mills, MD. In the fourth quarter, scheduled store openings include a full-line Bloomingdale’s in Honolulu, three Bloomingdale’s Outlets, and one Macy’s Backstage. A Macy’s store in Los Angeles, is scheduled to close in the fourth quarter of 2015 in preparation for a new store to be built in the same mall.

Operating Income

Macy’s, Inc.’s third quarter 2015 operating income was $369 million or 6.3 percent of sales, excluding asset impairment charges of $111 million primarily related to previously-announced plans to close 35 to 40 stores in early 2016. This compares with operating income of $422 million or 6.8 percent of sales for the same period last year. Macy’s, Inc.’s operating income including the asset impairment charges totaled $258 million or 4.4 percent of sales for the quarter ended Oct. 31, 2015.

For the first three quarters of 2015, Macy’s, Inc.’s operating income was $1.214 billion or 6.7 percent of sales, excluding asset impairment charges of $111 million primarily related to previously-announced store closings. This compares with operating income of $1.436 billion or 7.7 percent of sales for the same period last year. Macy’s, Inc.’s year-to-date 2015 operating income including the asset impairment charges totaled $1.103 billion or 6.1 percent of sales.

Cash Flow

Net cash provided by operating activities was $278 million in the first three quarters of 2015, compared with $841 million in the first three quarters of 2014. Net cash used by investing activities in the first three quarters of 2015 was$861 million, compared with $660 million a year ago. Investing activities in year-to-date 2015 included $212 million for the acquisition of Bluemercury. Net cash used by financing activities in the first three quarters of 2015 was $1.189 billion, compared with net cash used by financing activities in the first three quarters of 2014 of $1.406 billion.

The company repurchased approximately 16.7 million shares of its common stock for a total of approximately $900 million in the third quarter of 2015. In the fiscal year to date, the company repurchased approximately 30.6 million shares of its common stock for approximately $1.84 billion. At Oct. 31, 2015, the company had remaining authorization to repurchase up to approximately $700 million of its common stock.

Updated Guidance

The company has revised its 2015 guidance. Earnings per diluted share for the full-year 2015 now are expected in the range of $4.20 to $4.30, excluding asset impairment charges associated primarily with previously announced store closings. This compares with previous guidance in the range of $4.70 to $4.80. Updated annual guidance calculates to guidance for fourth quarter earnings of $2.54 to $2.64 per diluted share, excluding any additional charges associated with store closings or cost reductions. Earnings guidance for 2015 includes gains from asset sales, including approximately $60 million from the sale of real estate in Seattle and an expected $250 million gain on the sale of real estate in downtown Brooklyn.

Guidance is for full-year 2015 comparable sales on an owned plus licensed basis to decrease by 1.8 percent to 2.2 percent, compared with previous guidance of approximately flat. This calculates to fourth quarter comparable sales on an owned plus licensed basis to decline by 2.0 percent to 3.0 percent. Full-year and fourth quarter 2015 comparable sales on an owned basis will be approximately 50 basis points lower than on an owned plus licensed basis. The company expects 2015 total sales to be down by 2.7 percent to 3.1 percent, compared to previous guidance for total sales to be down approximately 1 percent.

Important Information Regarding Financial Measures

Please see the final pages of this news release for important information regarding the calculation of the company’s comparable sales and non-GAAP financial measures.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2014 sales of $28.105 billion. The company operates about 900 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s inDubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission. In light of these risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. Except as may be required by applicable law, Macy’s disclaims any obligation to update its forward-looking statements for any reason.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom. A webcast of Macy’s, Inc.’s call with analysts and investors will be held today (Nov. 11) at 9 a.m. (ET). Macy’s, Inc.’s webcast is accessible to the media and general public via the company’s website at www.macysinc.com. Analysts and investors may call in on 1-888-637-7746, passcode 3336328. A replay of the conference call can be accessed on the website or by calling 1-888-203-1112 (same passcode) about two hours after the conclusion of the call.)

Macy’s, Inc. management will present at the Morgan Stanley Global Consumer & Retail Conference at 10 a.m. Eastern Time on Wednesday, Nov. 18, 2015, in New York City. Media and investors may access the live webcast of the presentation at www.macysinc.com/ir at that time. The webcasts will be available for replay.

Source: Macy’s, Inc.

Macy’s, Inc.
Media – Jim Sluzewski, 513-579-7764
Investor – Matt Stautberg, 513-579-7780

Frank Blake elected to Macy’s, Inc. Board of Directors

CINCINNATI, 2015-11-12 — /EPR Retail News/ — Frank Blake, recently former chairman and chief executive officer of The Home Depot, has been elected to the Macy’s, Inc. (NYSE:M) Board of Directors. Blake’s election increases the size of the board to 14 members.

Blake, 66, was named Home Depot’s chairman and chief executive officer in 2007 and served in that capacity until retiring as CEO in November 2014 and as chairman in February 2015. He joined Home Depot in 2002 as executive vice president for business development and corporate operations, with responsibility for real estate, store construction, credit services, strategic business development, growth initiatives, call centers and the home services business.

“Frank Blake is an outstanding addition to Macy’s, Inc.’s board, which is one of the strongest and most diverse in our industry,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. “Frank has deep operating experience and will be helpful as we seek continuous improvement in execution, especially in our stores organization. At Home Depot, he created a service culture and stressed employee engagement in leading one of America’s largest retailers through a period of exceptional growth and success. Moreover, he is deeply experienced in corporate governance and the management of large and complex organizations. We look forward to his guidance and counsel as Macy’s, Inc. pursues new directions in serving customers at a time of evolving shopping preferences and patterns.”

Prior to joining The Home Depot, Blake served as deputy secretary of the U.S. Department of Energy, where he managed operations, led policy decisions and oversaw a $19 billion budget. Previously, he served in a series of senior roles at General Electric, including senior vice president for corporate development and general counsel of GE Power Systems. Earlier in his career, Blake served as general counsel to the U.S. Environmental Protection Agencyand deputy counsel to Vice President George H.W. Bush.

Blake received his bachelor’s degree from Harvard University and a law degree from Columbia University Law School.

Dividend Declared

The board of directors of Macy’s, Inc. today declared a regular quarterly dividend of 36 cents per share on Macy’scommon stock, payable Jan. 4, 2016, to shareholders of record at the close of business on Dec. 15, 2015.

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2014 sales of $28.105 billion. The company operates approximately 900 stores in 45 states, the District of Columbia,Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s inDubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release 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 management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)

Source: Macy’s, Inc.

Macy’s, Inc.
Media – Jim Sluzewski, 513-579-7764
or
Investor – Matt Stautberg, 513-579-7780