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What we saw was a drop in conversion.
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2022 Q3
12 Dec 22
what happened in the last couple of weeks of October was not a downshift in traffic. We didn't see less traffic coming on the websites or in our stores
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2022 Q3
12 Dec 22
the last couple of weeks of October, I think of that as being twice the negativity of the trend that we had in the first 11 weeks of the quarter
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2022 Q3
12 Dec 22
when you look at our digital penetration of the business in '19, it was 25%.
During the pandemic, it was 40%. And as you heard from our call, we're now calling the 2022 at 33%, down from our initial estimation that it was going to be in the 37% range.
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2022 Q3
12 Dec 22
The high end assumes that sales patterns will be consistent with our 2019 trends
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2022 Q3
12 Dec 22
The low end of our outlook assumes late October and early November sales trends continue
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2022 Q3
12 Dec 22
Over the past week, our sales performance has improved.
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2022 Q3
12 Dec 22
In the middle of October, there was an unexpected slowdown in sales, which continued into November
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2022 Q3
12 Dec 22
we're committed to the markdowns necessary to clear any aged inventory this season
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2022 Q3
12 Dec 22
For the fourth quarter, we expect adjusted earnings per share between $1.47 and $1.67.
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2022 Q3
12 Dec 22
Gross margin for the quarter is expected to be no more than 270 basis points lower than 2021.
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2022 Q3
12 Dec 22
we now forecast fourth quarter net sales of $8.16 billion to $8.4 billion
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2022 Q3
12 Dec 22
we will continue to proactively adjust promotions and take markdowns necessary to drive sell-throughs in slower moving categories and ensure that we do not carry inventory risk into 2023
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2022 Q3
12 Dec 22
Partially offsetting the additional third quarter markdowns were higher ticket prices and favorable category mix shifts, driving a roughly 3% improvement in own AUR for Macy's
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2022 Q3
12 Dec 22
invest in machine learning tools that will allow for more sophisticated competitive pricing and greater automation at scale
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2022 Q3
12 Dec 22
For the quarter, gross margin was 38.7%, down 230 basis points from the prior year period and better than our expectations. The gross margin rate decline was driven by a 230 basis point decline in merchandise margin, reflecting an increase in promotional and clearance markdowns to sell lower moving categories at Macy's, including casual apparel soft home and warmer weather seasonal goods.
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2022 Q3
12 Dec 22
We're planning to get into the next year in a clean inventory position because the packaway is just not a favorable thing for us as a fashion retailer
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2022 Q3
12 Dec 22
we're not planning to do any packaway of inventory this year
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2022 Q3
12 Dec 22
pandemic categories in second and third markdowns that was off about a third from the rates that we were getting previously in the quarter, and then first markdowns were off about 0.5 point.
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2022 Q2
4 Sep 22
Those customers downshifted.
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2022 Q2
4 Sep 22