梅西百货（M）：初步评估：第一季度业绩超预期；2025财年销售指引维持不变，每股收益下调

Ashley Helgans * | Equity Analyst(212) 336-7367 | ahelgans@jefferies.comBlake Anderson, CFA * | Equity Associate(212) 323-7686 | banderson2@jefferies.comBryan Pinedo, CFA * | Equity Associate+1 (917) 421-1958 (office) | bpinedo@jefferies.com Company DescriptionMacy'sMacy’s is a national retailer headquartered in Cincinnati, Ohio, operating over 800 stores, the District of Columbia, Guam, and Puerto Rico under theMacy’s, Bloomingdale’s, and Bluemercury name-plates.Company Valuation/RisksMacy'sOur PT is based on a forward P/E trading multiple based on our estimates. Risks include industry promotions, competition, and real estate shifts.Analyst Certification:I, Ashley Helgans, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Blake Anderson, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Bryan Pinedo, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return over thenext 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenuePlease see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 28, 2025 8:16 A.M.May 28, 2025 8:16 A.M.2 stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/averagegroup EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net