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Macy's, Inc. (M-3.45%) has submitted its annual report on Form 10-K filing for the fiscal year ended February 1, 2025.
The filing includes financial statements for the year, showing net sales of $22.3 billion, a decrease from $23.1 billion in the previous year. The decline in sales is attributed to ongoing macroeconomic conditions and the absence of a 53rd week, which contributed $252 million to sales in 2023.
Cost of sales remained consistent at 61.6% of net sales. The company's gross margin was $8.6 billion, maintaining a 38.4% margin rate.
Operating income for the year was $909 million, up from $301 million in the previous year. This increase was due to lower impairment, restructuring, and other costs.
Net income for the year was $582 million, compared to $45 million in the previous year. The diluted earnings per share were $2.07.
Cash provided by operating activities was $1.3 billion, while cash used in investing and financing activities was $592 million and $413 million, respectively.
The company ended the year with $1.3 billion in cash and cash equivalents, up from $1.0 billion in the previous year.
Macy's, Inc. continues to focus on its 'A Bold New Chapter' strategy, which includes rationalizing store locations, accelerating luxury growth, and simplifying operations.
The report details various financial agreements, including a $3 billion revolving credit facility and the completion of a tender offer for certain senior notes and debentures.
Macy's, Inc. does not anticipate significant changes in its dividend policy and has $1.4 billion remaining under its share repurchase authorization.
The company has remediated a previously reported material weakness in its internal controls over financial reporting related to manual journal entries and accrued liabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Macy's, Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.