Absolutely. A post shared by Black Pumas (@blackpumas). We see lots of opportunity around product, around how we engage customers in the local market. Copyright So, look, it continues to be an opportunity for us. Macy's 4th Of July Fireworks 2022 The Lineup And we continue to be very focused on expense management. . Special musical guests will include: Brett Eldredge, Carly Pearce, 5 Seconds of Summer, Pitbull with Filmore, Lin . For policy owners, New York Life means peace of mind & promises kept, whether today or decades into the future. Now, let's discuss the full year and third quarter outlook. Just as a reminder, I've been a part of the Macy's executive leadership team for the last few years and working closely with Adrian and Jeff and other senior leaders the last few months. As you know, we remain in the early stages of continuing to scale this opportunity, but we did announce that we're opening up a number of stores this fall. You can find additional information regarding these non-GAAP financial measures, as well as others used on the Investors section of our website. Follow our hashtag on Instagram & Twitter to see what was trending. Fireworks. This website is using a security service to protect itself from online attacks. So, we're pretty excited about what we're seeing here. Starting at around 8 p.m., the 46th annual Macy's Fourth of July celebration will feature a lineup of performers before a fireworks display around 9:25 p.m. that will light up the night. We have elevated the quality of our products. So, just to remind, our international tourism is generally 3% to 4%. CNN to host star-studded July 4th musical special | CNN End of quarter inventories to be down low-to-mid single-digits to last year on a percentage basis as we begin to introduce Nike and further support On 34th and INC private brands. Is this happening to you frequently? Hi, good morning, and Tony great to talk with you. So, we look at it at 30 days, 60 days, 90 days, and 30-day increments, all the way up to 180 days, which is when the write-off actually happens. Our gross margin rate was 38.1%, 80 basis points below prior year, but above our outlook. Hi, Jeff, Tony, Adrian, good morning. But there are things that we cannot control, which I think gets very much into what you're describing around the health of the consumer, and that's the macro environment. #photooftheday #pyrospec #fireworks #Macys4thofjuly. NBC will once again ring in the Fourth of July celebration with Macys Fourth of July Fireworks Spectacular, and theyve lined up a bunch of A-list stars to perform. And then I just wanted to follow up on credit. With me on the call today are Jeff Gennette, our Chairman and CEO; Tony Spring, President, Macy's, Inc. and CEO-Elect; and Adrian Mitchell, our COO and CFO. Hi, good morning. The network's annual Macy's 4th of July Fireworks Spectacular is making its highly anticipated return to New York City with its show-stopping, pyrotechnic tradition on Monday, July 4,. Best of luck with this undertaking. Hey, thanks, guys. Cloudflare Ray ID: 7facf354fb1d2d7a I know you've talked about some pressures on the consumer, but you're being conservative. I think about 72% of sales are done across our loyalty program, but our bronze tier is a non-tender tier. Last week, we did open up a store in Chicagoland. Please go ahead. Commentary has been very positive with, approximately 80% of product reviews receiving four stars or above. Now, to be clear, there have been no changes to the underlying assumptions and opportunities regarding the rest of our business. We achieved net sales of $5.13 billion, a gross margin rate of 38.1%, and an SG&A rate of 37.5%. We're going to be competitive. I am confident that our five growth vectors should drive incremental sales growth beginning next year and I look forward to continuing to update you on our progress. We should draft off of that. We're excited to have Max join us and look forward to his contributions. But as we continue to look at ways to mitigate by giving more personalized offers to customers, as well as increase usage on our proprietary credit card, acquiring new customers, and really leaning into the loyalty aspects, we're working very diligently to find the best offsets we can. So, that is on the second quarter. But effectively, what we've been doing is looking at that on a regular basis and making the appropriate adjustments for the trajectory of the return to a more normalized environment. For those who wanted to watch the show in person, the fireworks would take place at the East River in New York City on July 4, 2023. I wanted to focus for a minute on your cost savings programs. This years Macys Fireworks display will start at around 9:25 PM on July 4 in New York City. Macy's 4th Of July Fireworks 2022 Was Amazing! And so there's just a number of ongoing efforts that we have as it relates to inventory and as it relates to delivery expense. The count did not materially change our annual assumption, but it did provide actuals for the categories counted in the second quarter. Credit card revenues are predominantly driven by the level and health of sales and receivables generated from our proprietary and co-brand credit cards. We're also maintaining spend in places where we can for customers that have the capacity. Thanks for joining us at the 46th annual Macy's 4th of July Fireworks ! Our team has been thoughtful in both the development and planned rollout of our updated private brand strategy. MACY'S FOURTH OF JULY FIREWORKS. At Bloomingdale's, we continue to optimize our relationship with our customers and elevate our luxury shopping experience. Macys Music Festival Festivals Tickets, 2023 Tour Dates - SeatGeek So, we don't want to get ahead of ourselves in looking at that trend since that is more clearance-driven than what we are planning are -- and experiencing right now in the third quarter. Please go ahead. Mark your calendars, because the Macy's Fourth of July show is set to air on Monday, July 4 at 8 p.m. I think the other thing that's important is looking at these categories that are adjacent. According to Billboard, the yearly event is already on their 47th edition this year and they just announced the official lineup featuring some of the biggest artists in the music industry today. If recent trends in credit card revenues, shortage, and asset sale gains continue, and late fee regulatory changes are passed, the ability to achieve low-double digit EBITDA margin in '24 becomes more challenging. Great. As a reminder, compares ease in the third and fourth quarters. The next question is coming from Dana Telsey of Telsey Advisory Group. So, as we referenced, the $200 million this year is a combination of both gross margin and SG&A expense. Before turning the call over to Adrian, I want to provide a few thoughts on our overarching merchandise strategy. Other revenue to be about 3.2% of net sales, with credit card revenues accounting for roughly 80% to 81% of that. We leaned into a lot of our strategic and personalized promotions. Our last question for today will be coming from Jay Sole of UBS. Please disable your ad-blocker and refresh. So, the trending businesses, like beauty and some of the gifting businesses, are a higher penetration of the fourth quarter business than it is the other three quarters. As Jeff mentioned earlier, we recently introduced Bloomingdale's Marketplace and are pleased with the early results. With more than 67 million people taking to the lanes every year, GoBowling.com is a one-stop location where people of all ages can go to satisfy their love of bowling. So, exiting the third quarter, down 10%, we have been able to retain a lot of liquidity that will respond to customer interest. Her sitcom Reba had six seasons, beginning in 2001. Over the last several months, I've been spending time with the Macy's team discussing the right balance of private and market brands and the importance of curation. Shortage, for us, for the second year in a row will be at record levels. Billed as "the nation's biggest party," the 47th Annual Macy's 4th of July Fireworks celebration kicks off at 8 p.m. A replay will be available approximately two hours after the conclusion of this call. Later this month, we will be opening our 21st outlet, which will be located in Christiana, Delaware. Free cash flow, inclusive of proceeds from real estate, was an outflow of $261 million. We're continuing to look at opportunities to truly optimize how we think about owned versus VDF versus Marketplace, which not only improves our expense profile, but also improves our margin profile. NBC & Peacock is the respective TV broadcast & streaming destination for Macy's Fourth of July. Country stars Trace Adkins, Lauren Alaina and Brantley Gilbert join a lineup that . The show would be available for viewing on fourth of july at 8 p.m. For the third quarter, we expect net sales of $4.75 billion to $4.85 billion, gross margin rate to be at least 140 basis points better than the third quarter of 2022. Great. Thank you. Randy Houser, Chris Baker , Dzaki Sukarno to sing at July 4 concert Last weekend, we opened our ninth small-format Macy's just outside Chicagoland area in Indiana. We have not given specifics on how this will materialize as we get into next year. Learn how Ram is serving the needs of today & tomorrow at RamTrucks.com. Win $1000 And A Once In A Lifetime Trip The iHeartRadio Music Festival In Las Vegas! Adrian, I was hoping you could help us understand the potential levers that you have for additional improvement in margin rate should the consumer dynamic backdrop worsen into the back half of the year. During the quarter, we introduced Hoka, a leading active shoe brand that is highly relevant to our consumer, and it has been selling out. Aged inventories were roughly 20% below last year's levels and warm weather inventories were about 40% lower. We look at our return on assets and we'll continue to do that. Flugplatz, Gunzenhausen, Germany Concert Setlists | setlist.fm 'Macy's 4th of July Fireworks Spectacular' Lineup - Billboard Hi. We have Max Magni, who we mentioned, who joins us after a distinguished 20-plus year career at McKinsey, focused on the digital business, and he will be very helpful, I think, to accelerating our performance in the digital space, as well as in our overall marketplace business. Thank you so much. I think specifically, when you look at the fourth quarter, in addition to the gifting strategies and the penetration of trending businesses, it's also the add of Nike, it's the Toys R Us and the Disney collaboration. Bluemercury's consistently strong performance is a testament to the work the team is doing to evolve the brand and product mix to stay ahead of trends and offer a more exclusive experience to the luxury skincare, and beauty customer. So, can you just hash out further what's changed there or seemingly worsened versus three months ago?And then secondly, strength in select categories like beauty, are you all mixing further into those categories as a result, or how nimble can you be as you see strength or weakness in certain categories? So, for example, we are working with our credit card partner, Citibank, to target higher risk segments to surgically reduce exposure. And I'm curious, how long it might take those efforts to have an impact potentially on the topline that you would incorporate into your guidance? [Operator Instructions] Today's first question is coming from Oliver Chen of TD Cowen. Brett Young. All rights reserved. Can you talk about the dynamics of this revenue stream going forward? So from our perspective as we think about past purchases and we see the level of delinquencies that has been increasing across all aged balances, we're actually projecting what we believe to be the bad debt levels, given the trends that we see. Absolutely. I'm going to begin today's call with a review of our second quarter results, followed by a discussion on the macro environment and how that is informing our approach to the remainder of the year.
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