Macy's, Inc. (NYSE:M) Q2 2020 Earnings Conference Call - Final Transcript

Sep 02, 2020 • 08:00 am ET


Macy's, Inc. (NYSE:M) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Macy's, Inc. Second Quarter 2020 Earnings Conference Call. Today's 90 minutes long conference is being recorded.

I would now like to turn the call over to Mike McGuire, Head of Investor Relations. Please go ahead, sir.

Mike McGuire

Thank you, operator. Good morning, everyone, and thanks for joining us on this conference call to discuss our Second Quarter 2020 results. With me on the call today are Jeff Gennette, our Chairman and CEO and Felicia Williams, our Interim CFO. Jeff and Felicia have several prepared remarks to share after which we'll host the question-and-answer session.

Given the time constraints and the number of people who want to participate, we ask that you please limit your questions to one with a quick follow-up. In addition to this call and our press release, we have posted slide presentation on the Investors section of our website The presentation summarizes the information in our prepared remarks and include some additional facts and figures.

I do have two housekeeping items to share. First, with our third quarter results, we'll be resuming our normal earnings report cadence. We'll be releasing results and hosting the associated earnings call on Thursday, November 19th, before market open.

Second, Jeff and Felicia will be participating in a fireside chat at the Goldman Sachs Global Retailing Conference on Wednesday, September 9th, at 7:30 AM Eastern Time. Both events will be webcast on our Investor Relations website, so please mark your calendars.

Keep in mind that all forward-looking statements are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainty that could cause actual results to differ materially from the expectations and assumptions mentioned today. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission.

In discussing the results of our operations, we will be providing certain non-GAAP financial measures. You can find additional information regarding these non-GAAP financial measures as well as others used in our earnings release and our presentation located on the Investors section of our website.

As a reminder, today's call is being webcast on our website and a replay will be available approximately 2 hours after the conclusion of this call and it will be archived on our website for one year.

Now, I'd like to turn this over to Jeff.

Jeff Gennette

Thanks, Mike, and good morning, everyone, and thank you for joining us. As you saw in our press release this morning, despite the challenging environment Macy's, Inc.'s second quarter came in better than we had anticipated. I want to thank the Macy's, Bloomingdale's and Bluemercury teams for their efforts in these extraordinary times.

On today's call, Felicia will take you through the second quarter results and provide some perspective on how we're looking at the back half of the year. Then, I will provide some context on holiday 2020 and give an update on the Polaris strategy, which we