So, just to remind, our international tourism is generally 3% to 4%. Macy's 4th of July Fireworks Show Performers: Full List - Billboard Thank you. Performers, Floats, Routes Revealed, Macy's 4th of July Fireworks Spectacular Performances: WATCH Mariah Carey, Taylor Swift, Ed Sheeran, Selena Gomez, Cher and Tim McGraw in New York City [VIDEO]. Commentary has been very positive with, approximately 80% of product reviews receiving four stars or above. Today's call is being webcast on our website. Ram Trucks are built to serve. We cannot predict when macro pressures will ease and are focused on controlling what we can control. Thanks to our cross-functional teams for being nimble, flexible and embracing new ways of working. And at Bluemercury, we have an expanded fragrance offering for holiday, and we will launch our newest proprietary brand, which is focused on body and bath products. NBC & Macy's 4th of July Fireworks 2022 - Performers List & Hosts Revealed! But as we talked about on the first quarter call, we did expect the second quarter to be promotional, based on the spring seasonal inventory overhang, and we successfully liquidated any sort of liability that we had coming into the third quarter. 's refresh. Chuck, what I'd add is your question about off-price. PBS ' annual salute to America which you can stream above will return to a live format . Our fifth growth vector is personalized offers and communications. The next question is coming from Matthew Boss of JPMorgan. So, for example, we are working with our credit card partner, Citibank, to target higher risk segments to surgically reduce exposure. Absolutely. In September, we'll be introducing the next phase of I.N.C. And you also mentioned mitigating exposure to higher-risk customers. Here are all the artists who will be performing. What was the driver behind that? Her most recent album, Stronger Than the Truth came out in 2019. The concert will start at 6 p.m. at the Pat and Lou Sisbarro Community Park, located at 3205 Arrowhead Dr. Fireworks will start at 9:45 p.m. Leah Romero is the trending reporter at the Las Cruces . So, when you look at our gold, silver, and platinum our penetration rate today is about 43%. Thank you. At Macy's, we recently introduced our newest private brand, On 34th. I was wondering if you could talk a little -- or give a little bit more color on the monthly trends you're seeing in maybe back to school? That's where we tend to win as a gifting destination. I'll now turn the call back over to Jeff for some closing remarks. 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. Getty Before we dig into the results, I want to acknowledge the devastating wildfires on Maui. Our full year outlook now contemplates reduced credit card revenues and asset sale gains, both of which are fully offset by better-than-expected second quarter results and favorable changes in interest expense and share count. See the star-studded lineup for Macy's July 4 Fireworks 2023 - TODAY Do not reproduce without permission. Comparable owned sales for store-within-stores in our Macy's off-price concept, Backstage, outperformed Macy's full-line stores in which they operate by roughly 260 basis points. The two-hour live telecast starting at 8PM will be filled with fireworks and star-studded musical performances. Beginning with a special performance by National Youth Poet Laureate Amanda Gorman.". Bebe Rexha. They are designed around merchandise, which includes private brand and making sure that we are bringing the most important market brands to all of our portfolio. To level set, we continue to have a cautious view on the consumer. I know you've talked about some pressures on the consumer, but you're being conservative. At Macy's, net sales declined 9.3% and comparable sales declined 8.2% on an owned-plus-licensed basis. Macy's Media Network revenue was flat to last year at $30 million. Free cash flow, inclusive of proceeds from real estate, was an outflow of $261 million. As it relates to the health of our credit card portfolio, we have a healthy portfolio. But we continue to be very focused on expense discipline, and that's something that you'll continue to see us focus on for quite some time. We had $564 million of capital expenditures. Thank you. I also want to just remind everyone that Macy's and Bloomingdale's and Bluemercury are omnichannel businesses. At Macy's, we're approaching the one-year anniversary of our Marketplace launch. Thanks. Second quarter adjusted diluted EPS was $0.26 versus $1 in 2022. It has been at elevated levels for multiple years. 1 of 7 CNN Although many people view Memorial Day as the American holiday that unofficially kicks off summer, it could be argued that the Fourth of July is summer's biggest, best holiday.. Learn how Ram is serving the needs of today & tomorrow at RamTrucks.com. Combined, this also represents $0.24 to $0.29, essentially canceling each other out. So, we have Marketplace, which allows us to test quickly, introduce brands and ideas that we haven't had at Macy's or Bloomingdale's before. Our house orchestra, amazing vocalists, a military band & more stars brought the beats. For holiday, we are further amplifying our strength as a gift-giving destination. Learn how to score an NFT on the secondary market. And so, we continue to be thoughtful about focusing on the things that we can control to deliver a positive experience for our customers. The third quarter has started at expectation. In our last call, I shared the three fundamental areas of opportunity that we identified to build a faster, more flexible and more efficient operating model. Powered by. Max has over 20 years of experience at McKinsey, most recently as a senior partner, co-leading their NextGen Commerce and Consumer Growth Practices. The store will be located in Seattle, which is a new brick-and-mortar market for the brand. Thanks very much for raising the question, Brooke, and good morning to you. And again, that's the lion's share of the impact that does impact our credit card revenues. So, just know that when -- we've always been quoting what's going on with our off-price business between Bloomingdale's and Macy's. And then as you think about this current second quarter, how did -- what was the cadence of the quarter? You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day. It's great to be with you. We're going to be competitive. This year's lineup includes Blake Shelton, the Jonas Brothers, Reba McEntire, Coldplay, Black Pumas, and OneRepublic. It truly was the blockbuster event of summer 2022. The team is energized by this important step in its growth trajectory, which places them in one of the major beauty centers of the world, brings cost efficiencies and allows them to further benefit from the existing infrastructure of Macy's, Inc. 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. On the flip side, reduced credit card revenues are a $0.21 to $0.22 drag on the low end and high end of our prior outlook, while lower asset sale gains are a $0.03 to $0.07 negative impact. Again, as I shared, so much of this is really around the health of the consumer and so much is also around what we consider to be the debt/service ratio. As part of our updated private brand strategy, last year, we successfully refreshed women's I.N.C. I think the reality of what we've seen in the credit card shift is really around the pressure on the consumer. Comparable sales on a 52-week owned-plus-licensed basis to be down about 7.5% to down 6% to last year. As I've mentioned before, we look at a number of factors beyond FICO scores to understand the health of the consumer, their capacity to spend, make thoughtful decisions about their line of credit, who we approve on the card versus not. How did you exit? We'll continue to be very thoughtful about executing on those, but you've seen us pretty consistently execute on the gross margin side over time. Owned AUR rose 4.7%, driven by ticket increases and category mix. How to watch the 2022 Macy's 4th of July Fireworks Spectacular? Jelly Roll. 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? Promotional sell-throughs were better than expected and clearance markdowns were not as deep. Can you remind us what percent of your sales are done on credit? So, we really do manage between the channels, but we ultimately are focused on satisfying the customer. In discussing the results of our operations, we will be providing certain non-GAAP financial measures. If you have an ad-blocker enabled you may be blocked from proceeding. Special musical guests will include: Brett Eldredge, Carly Pearce, 5 Seconds of Summer, Pitbull with Filmore, Lin . Macy's 4th Of July Fireworks 2022 Was Amazing! Please go ahead. One will be in Las Vegas and the other will be in Boston, which is our first smaller format in the Northeast. Watch the nation's largest fireworks show Sunday, July 4th at 8PM EST. At Macy's, for back to school, we have a compelling mix of relevant national brands, including Jordan Kids, Levi's and Ralph Lauren, and are also offering a better selection of everyday basics, including uniforms. So, Oliver, good morning to you. Thank you. Over the last several years, Jeff and Adrian have improved the operational efficiencies and financial health of the company. We're still working through kind of how we think about our growth profile and margin profile for next year. But what we did see is that the speed of those delinquencies across all age balances -- or aged balances actually accelerated after Q1, and that occurred primarily in June and July. Combined, this was roughly a $0.15 impact to EPS. A second screening will be available on NBC. The next question is coming from Blake Anderson of Jefferies. We also continued to realize improvements in the soft home categories, including textiles and housewares. 'Macy's 4th of July Fireworks Spectacular' . We are not approving high-risk customers. 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. We spoke about it in our June 1st call. 2023 NYC SummerStage Concert / Performance Events Calendar Schedule. The increased bad debt expectation for the credit card portfolio has resulted in a reduction in our annual forecast of roughly $80 million relative to our prior expectation. Unless otherwise noted, the comparisons discussed today are versus 2022. Adjusted diluted EPS down $0.03 to up $0.02, inclusive of our updated credit card revenues outlook and the timing shift in the recognition of shortage. . On the -- as I mentioned in my conversation earlier, to the question from Blake, we're not disclosing our monthly performance in that it was heavily markdown and promotional-driven. As you think about the average household income in the US, you think about the average household income of our customers, particularly in the Macy's brand, that consumer is experiencing a number of headwinds as they think about servicing their responsibilities and their liabilities. Thanks for the question, Matt. appearance, live performance & incredible . Very importantly, just the liquidity to be able to respond to inventory that's always in the system and this agile team that is responding in real time faster than ever. We've built the promotional calendar so that we thought through all of where -- the customer, where we expect them to shop in each of our brands. But as we progress through the year and we focus on our expense management initiatives and the growth initiatives that Tony referenced, we'll share more in the near future. Black Eyed Peas, the Killers, Lady A, John Legend, Tim McGraw and Brad Paisley will all take the stage before the fireworks begin and the tradition continues. Our long-term confidence in Macy's Media Network is tempered by near-term caution in light of broader industry trends. Within that framework, our multi-channel, multi-generational, and multi-category platform is an advantage to address changing demand. The first is the quality of the customer experience. Thank you. And to my colleagues in stores, technology, and supply chain, I am grateful to partner with you more closely. This negatively impacted second quarter results and led to an increase in the portfolio's bad debt outlook. Thank you, Adrian and Tony. Macy's Launches First Small-Format Stores in - InvestorsObserver Macy's 4th Of July Fireworks 2022 Was Amazing! Please go ahead. Aug 17 2023. So, this is -- we've, obviously, as we've discussed in the past, have changed our relationship with our key vendors, really buying more to net cost, not buying into markdown allowances, giving us full flexibility to respond to the customer in the moment. Please go ahead. The one metric we find quite interesting is the debt/service ratio, which we leverage as a proxy for the consumer's ability to pay debt using their disposable income, personal income. Her sitcom Reba had six seasons, beginning in 2001. To your third dimension around EBITDA margins as we think about next year, the first thing that we would emphasize is what Tony spoke to, which is our top priority is profitable growth. After interest and taxes, we are maintaining our annual adjusted diluted EPS of $2.70 to $3.20, which reflects an updated annual diluted shares expectation of roughly 279 million shares. We surgically implemented clearance markdowns and promotions, which, while above last year's levels, were lower than forecasted in our prior outlook. Appearances from different groups like Dance to Unite and the Team USA gymnasts for the Paris 2024 Olympics will also be featured in the broadcast. We have spoken a number of times over the last 18 months about the credit environment really normalizing. Certainly, the Macy's brand is more under pressure, and it really is the stat of that 50% of the Macy's customers are making $75,000 or less. Thank you. So, exiting the third quarter, down 10%, we have been able to retain a lot of liquidity that will respond to customer interest. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So, the question that was raised earlier about looking at our credit card revenues as a percent of net sales, we've looked at it as far back as 2005 and understanding the puts and takes that actually impact that performance.

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