Macy’s, Inc. (M) CEO Tony Spring Hosts 2025 ICR Conference (Transcript)

Macy’s, Inc. (NYSE:M) 2025 ICR Conference January 14, 2025 8:00 AM ET

Company Participants

Tony Spring – Chairman & CEO
Adrian Mitchell – COO & CFO

Conference Call Participants

Matthew Boss – JPMorgan Chase

Operator

Okay, great. Thanks. It’s Matt Boss, Retailing, Department Stores and Specialty Softlines at J.P. Morgan. Really happy to have this morning the team from Macy’s. We have Chairman and CEO, Tony Spring; as well as CFO and COO, Adrian Mitchell. Format will be fireside chat.

Question-and-Answer Session

Q – Matthew Boss

And to kick-off, maybe Tony, as we think about exiting the first year of your Bold New Chapter strategy, I guess, what have been the key learnings so-far and what would you say would be the biggest surprise and maybe the biggest opportunity looking-forward?

Tony Spring

Sure. Thank you. Good morning, everyone. Let me just take a step-back and make sure everybody knows the framework of our Bold New Chapter. So Macy’s Inc. is Macy’s, Bloomingdale’s and Bluemercury. We have a strategy focused on three core objectives. First is strengthening the Macy’s nameplate, strengthening the Macy’s nameplate includes making sure that we have the right portfolio. So that’s monetizing and selling the least productive, least profitable stores, which is about 150. This year, we’re going to close 66 of those locations. It’s getting the right merchandise assortment so that the customer has the right balance of market brands and private brands. We’ve been at-work for the last 36 months to 48 months really invigorating the private brand portfolio and we’re making sure that our market brands resonate with the consumer.

We’re trying to make sure that the store experience is consistent with the expectations of the consumer. We talked to 60,000 consumers when we developed the strategy to make sure we understood where were we