2022年度报告

ABOUT MACY’S, INC. At Macy’s, Inc. (NYSE: M), we are a trusted source for quality brands at great values from off-price to luxury. Across our iconicnameplates, including Macy’s, Bloomingdale’s and Bluemercury, we help our customers express their unique style and celebratespecial moments, big and small. Headquartered in New York City, we operate one of retail’s largest e-commerce businessesintegrated with a nationwide footprint to deliver the most convenient and seamless shopping experience. Our purpose is tocreatea brighter future with bold representation – so we can realize the full potential of every one of us. To OurShareholders JEFF GENNETTEChairman & Chief Executive Officer It's an exciting time to be here at Macy’s, Inc.Looking back on our 2022 performance, I’m proud ofwhat our talented teams accomplished despite a volatilemacroeconomic environment. As we reflect upon the year, we began to see signs ofconsumer weakness and a shift in category demand inthe first quarter. We adjusted the timing, amount andcomposition of our receipts by channel, category and brand.As macroeconomic pressures intensified through the year,and an industry-wide inventory glut built due to easingsupply chain constraints, we bought closer to need, heldopen-to-buy reserves and bought into areas of strength.We were measured with promotions and markdowns anddid not chase unprofitable sales. 2022 Financial Highlights 0.6%Increase in comparablesales on an owned pluslicensed basis versusFY2021 At the same time, we fortified our balance sheet.We refinanced the majority of our near-term maturity bondswith new longer-term bonds. We amended our asset-basedcredit facility, which included an extension of the maturityof the $3 billion facility to March 2027. As a result, we don’thave any material debt maturities until 2027. At the end ofthe year, we had $862 million of cash and $1.2 billion lessdebt than 2019. $2.6BAdjusted EBITDA 10.8%Adjusted EBITDA as apercent of net sales $4.48Adjusted diluted EPS Earlier this year, I announced my plan to retire in February2024. Following a rigorous succession planning processthat included an internal and external search, Tony Springwas appointed by the Board of Directors as Macy’s, Inc.President and CEO-elect, and a member of the Boardof Directors. Chief Financial Officer Adrian Mitchell’sresponsibilities have also expanded to include the role ofChief Operating Officer. Tony and Adrian report to meuntil my retirement. I’m delighted to support both in theirnew leadership roles so we may continue our company’sexciting momentum. $173MDividendspaid to shareholders $600MShare repurchases MACY’S, INC.2022 ANNUAL REPORT Since 2020, we continued to executeon our long-term goals. At Macy’s,we re-evaluated our approach tomerchandising by: Pivoting to anupfront costnegotiationmodel Working closelywith strategic brandpartners to mutuallygrow brands Increasingopen-to-buyreserves Aligning howwe incentivizemerchants Reducingmarkdownallowances We modernizedour supplychain by: Integrating previously siloed supply chain functionsinto a central fulfillment model under the newly createdsupply chain department Embedding technology, data and analytics, andmachine learning into our operations Developing forecasting models to better predict leadtimes tied to customer demand These efforts, supported by the use of data and analytics across our enterprise as well as disciplinedinventory management, benefited inventory productivity throughout the year. We ended 2022 withinventories down 3% versus 2021 and down 18% versus 2019. We executed on ourlong-term goals by: Launching “Own Your Style”, anomnichannel brand platform thatencourages customers to celebratetheir personal style Introducing Macy’s digitalMarketplace, which added 20 newcategories and 500 new brands toour digital platforms As a result, we exited the yearmore relevant, flexible anddisciplined. And, we have a firmunderstanding of what it meansto be a successful, moderndepartment store. Implementing our Toys “R” Usstore within store concept in everyMacy’s, more than doubling toysales for the year and attractingover a half a million new customers Looking back on the last threeyears, 2020 was a year of crisismanagement, 2021 was a yearof stabilization and 2022 was ayear of laying the foundation forsustainable long-term, profitablesales growth. We entered 2023in a position of financial andoperational strength, with aproven track record of executingon our strategic priorities, even inperiods of uncertainty. This yearwe will be testing, investing andscaling for long-term profitablesales growth. Adding and refining pricingscience capabilities, such ascompetitive pricing Enhancing channel and location-level markdowns Investing in our #1 resource,our colleagues, through our$15/hour nationwide minimumwage increase and our fully-funded education program We haveidentified5 primarygrowthvectors which should help us return to long-term profitable