Macy's, Inc. (M) SEC Filings & Earnings Calls

Tariff refund benefit is non-recurring; underlying gross margin expansion was only 10 bps excluding refunds.

“Excluding a 180 basis point benefit from net tariff refunds, partially offset by a 10 basis point headwind from ongoing tariff and fuel costs, gross margin rate was up 10 basis points.” · word for word

SG&A expense increased $16M due to variable costs and Bold New Chapter investments, partially offset by cost management.

“SG&A expense of $1.96 billion increased $16 million, reflecting higher variable costs driven by net sales growth as well as the company’s investments in Bold New Chapter initiatives, partially offset by continued cost management efforts.” · word for word

Tariff refund non-recurrence

“Gross margin rate increased 180 basis points in the second quarter of 2026 compared to the second quarter of 2025 mainly driven by gross tariff refunds of approximately $95 million.” · word for word

Big-ticket category weakness

“Big-ticket categories underperformed compared to the second quarter of 2025 but improved compared to the first quarter of 2026.” · word for word

Tariff impact on gross margin

“Gross margin rate declined 30 basis points in the first quarter of 2026 compared to the first quarter of 2025 due to an approximately 30 basis point tariff impact.” · word for word

Tariff impact on gross margin

“Gross margin rate declined 30 basis points due to tariff impact of 30 basis points.”

Macroeconomic and geopolitical uncertainty

“Full year guidance continues to recognize that there are macroeconomic and geopolitical factors that could influence discretionary spend.” · word for word

Clawback policy enforcement

“The recovery analysis indicated that, as a result of the error corrections, a total of $609,613 in erroneously awarded compensation had been paid to covered officers.” · word for word

Pension plan freeze

“No Named Executive currently accrues a benefit under the CAPP or the SERP because we discontinued future pension service credits in those plans effective as of December 31, 2013.” · word for word

Consumer discretionary spending risk

“Our sales are significantly affected by changes in discretionary spending by consumers.” · word for word

Asset impairment risk

“Any significant deterioration in macroeconomic or industry conditions could affect the value of our long-lived assets, right of use assets and goodwill and could result in future impairment charges, which would adversely affect our results of operations.” · word for word

Indebtedness risk

“Our level of indebtedness could have important consequences for the holders of our debt and equity securities.” · word for word

Governance change but no material risk; directors leaving without disagreement.

“No dispute or disagreement with company operations, policies, or practices.”

Tariff headwinds impacting gross margin; ~60bps impact in Q4.

“Tariff impact approximately 60 basis points in Q4.”

Store closures continue; net sales down 2.4% for FY due to closures.

“Net sales decreased 2.4% to $21.8 billion, inclusive of store closures.”

Loss of key financial and operational leadership; potential disruption to strategic execution.

“CFO/COO departure with non-compete release”

Tariff cost pressure on gross margin

“This decline was driven by an approximate 50 basis point tariff impact, offset by tariff mitigation efforts and increases in traffic and AUR related to favorable inventory mix shift and positive customer response to newness in inventory classifications.” · word for word

Store closure drag on net sales

“The decline was due to the closing of 64 non-go-forward locations last year, which contributed to approximately $160 million of the decline in net sales.” · word for word

Tariff impact on gross margin; 50bps headwind partially offset.

“50 basis point tariff impact” · word for word

Net sales decline of 0.6% due to store closures.

“net sales decreased 0.6%”